O Shaughnessy Asset Management LLC lessened its stake in Cadence Design Systems Inc (NASDAQ:CDNS) by 71.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 287,627 shares of the software maker’s stock after selling 737,576 shares during the period. O Shaughnessy Asset Management LLC owned 0.10% of Cadence Design Systems worth $13,032,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fort L.P. acquired a new position in Cadence Design Systems in the second quarter valued at $119,000. Psagot Investment House Ltd. boosted its stake in Cadence Design Systems by 52.4% in the third quarter. Psagot Investment House Ltd. now owns 3,262 shares of the software maker’s stock valued at $148,000 after acquiring an additional 1,121 shares in the last quarter. Signaturefd LLC boosted its stake in shares of Cadence Design Systems by 160.0% during the second quarter. Signaturefd LLC now owns 4,573 shares of the software maker’s stock worth $198,000 after buying an additional 2,814 shares during the period. Buckingham Asset Management LLC acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $208,000. Finally, Intact Investment Management Inc. acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $218,000. Institutional investors own 87.56% of the company’s stock.
Several equities research analysts have recently weighed in on the stock. BidaskClub downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $54.00 target price for the company in a research note on Thursday, October 25th. JPMorgan Chase & Co. increased their target price on shares of Cadence Design Systems from $42.00 to $49.00 and gave the stock a “market perform” rating in a research note on Tuesday, July 24th. Credit Suisse Group increased their target price on shares of Cadence Design Systems from $44.00 to $46.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 24th. Finally, Needham & Company LLC increased their target price on shares of Cadence Design Systems from $47.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $50.86.
In related news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $45.33, for a total transaction of $4,533,000.00. Following the completion of the transaction, the chief executive officer now directly owns 552,813 shares of the company’s stock, valued at $25,059,013.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Anirudh Devgan sold 20,476 shares of the stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $45.73, for a total transaction of $936,367.48. Following the transaction, the president now directly owns 335,170 shares of the company’s stock, valued at $15,327,324.10. The disclosure for this sale can be found here. Insiders have sold 313,471 shares of company stock valued at $14,296,272 in the last quarter. Insiders own 2.55% of the company’s stock.
Shares of CDNS opened at $46.26 on Friday. Cadence Design Systems Inc has a fifty-two week low of $35.49 and a fifty-two week high of $47.40. The stock has a market cap of $13.02 billion, a PE ratio of 43.64, a price-to-earnings-growth ratio of 3.31 and a beta of 1.12. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.64 and a quick ratio of 1.58.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 22nd. The software maker reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.08. Cadence Design Systems had a net margin of 11.25% and a return on equity of 28.44%. The business had revenue of $532.47 million during the quarter, compared to the consensus estimate of $516.50 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Cadence Design Systems Inc will post 1.16 EPS for the current year.
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About Cadence Design Systems
Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.
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