Meadow Creek Investment Management LLC increased its holdings in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 323.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,162 shares of the software maker’s stock after buying an additional 171,224 shares during the period. Meadow Creek Investment Management LLC owned about 0.08% of Cadence Design Systems worth $9,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Cerebellum GP LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at $123,000. Advisor Group Inc. raised its stake in Cadence Design Systems by 151.4% in the 3rd quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock valued at $165,000 after purchasing an additional 2,505 shares during the last quarter. Dupont Capital Management Corp acquired a new position in Cadence Design Systems in the 3rd quarter valued at $170,000. Coldstream Capital Management Inc. acquired a new position in Cadence Design Systems in the 3rd quarter valued at $207,000. Finally, Financial Partners Capital Management LLC acquired a new position in Cadence Design Systems in the 3rd quarter valued at $214,000. Hedge funds and other institutional investors own 86.74% of the company’s stock.
Several research analysts recently commented on CDNS shares. BidaskClub downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Zacks Investment Research downgraded Cadence Design Systems from a “hold” rating to a “strong sell” rating in a research note on Monday, February 5th. KeyCorp reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. ValuEngine raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, Credit Suisse Group reaffirmed a “neutral” rating and issued a $43.00 target price (up from $37.00) on shares of Cadence Design Systems in a research note on Thursday, February 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. Cadence Design Systems presently has an average rating of “Hold” and an average target price of $44.20.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Wednesday, January 31st. The software maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. Cadence Design Systems had a return on equity of 31.28% and a net margin of 10.50%. The business had revenue of $501.70 million during the quarter, compared to the consensus estimate of $496.20 million. During the same period last year, the company earned $0.34 EPS. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. sell-side analysts anticipate that Cadence Design Systems Inc will post 0.85 earnings per share for the current fiscal year.
In other news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $43.52, for a total transaction of $4,352,000.00. Following the completion of the transaction, the chief executive officer now directly owns 533,333 shares in the company, valued at approximately $23,210,652.16. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO John M. Wall sold 750 shares of the stock in a transaction on Monday, January 8th. The stock was sold at an average price of $43.95, for a total value of $32,962.50. Following the transaction, the chief financial officer now owns 109,323 shares of the company’s stock, valued at $4,804,745.85. The disclosure for this sale can be found here. Insiders sold a total of 261,089 shares of company stock valued at $11,328,803 over the last ninety days. Corporate insiders own 2.55% of the company’s stock.
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Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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