Skandinaviska Enskilda Banken AB publ decreased its holdings in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 3.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 401,858 shares of the software maker’s stock after selling 16,100 shares during the period. Skandinaviska Enskilda Banken AB publ owned about 0.14% of Cadence Design Systems worth $18,212,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in CDNS. Parnassus Investments CA purchased a new position in Cadence Design Systems in the 2nd quarter valued at $460,597,000. Ardevora Asset Management LLP purchased a new position in Cadence Design Systems in the 2nd quarter valued at $34,335,000. First Trust Advisors LP lifted its holdings in Cadence Design Systems by 31.0% in the 3rd quarter. First Trust Advisors LP now owns 2,332,181 shares of the software maker’s stock valued at $105,694,000 after purchasing an additional 551,793 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Cadence Design Systems by 35.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 2,109,108 shares of the software maker’s stock valued at $91,346,000 after purchasing an additional 548,424 shares in the last quarter. Finally, United Services Automobile Association lifted its holdings in Cadence Design Systems by 241.2% in the 2nd quarter. United Services Automobile Association now owns 754,340 shares of the software maker’s stock valued at $4,948,000 after purchasing an additional 533,255 shares in the last quarter. Hedge funds and other institutional investors own 87.56% of the company’s stock.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $45.33, for a total value of $4,533,000.00. Following the completion of the sale, the chief executive officer now directly owns 552,813 shares of the company’s stock, valued at approximately $25,059,013.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP James J. Cowie sold 60,000 shares of the firm’s stock in a transaction on Thursday, October 25th. The stock was sold at an average price of $45.99, for a total value of $2,759,400.00. Following the completion of the sale, the vice president now directly owns 106,949 shares of the company’s stock, valued at $4,918,584.51. The disclosure for this sale can be found here. Insiders sold a total of 313,471 shares of company stock valued at $14,296,272 over the last ninety days. Corporate insiders own 2.55% of the company’s stock.
A number of research analysts have weighed in on the company. BidaskClub lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $54.00 price objective on the stock in a report on Thursday, October 25th. JPMorgan Chase & Co. raised their price objective on Cadence Design Systems from $42.00 to $49.00 and gave the company a “market perform” rating in a report on Tuesday, July 24th. Credit Suisse Group raised their price objective on Cadence Design Systems from $44.00 to $46.00 and gave the company a “neutral” rating in a report on Tuesday, July 24th. Finally, Needham & Company LLC raised their price objective on Cadence Design Systems from $47.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $50.86.
Shares of CDNS opened at $46.26 on Friday. Cadence Design Systems Inc has a 52-week low of $35.49 and a 52-week high of $47.40. The firm has a market capitalization of $13.02 billion, a price-to-earnings ratio of 43.64, a P/E/G 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 issued its earnings results on Monday, October 22nd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.08. Cadence Design Systems had a return on equity of 28.44% and a net margin of 11.25%. The business had revenue of $532.47 million during the quarter, compared to the consensus estimate of $516.50 million. During the same period last year, the company earned $0.35 EPS. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, sell-side analysts forecast that Cadence Design Systems Inc will post 1.16 EPS for the current fiscal year.
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Cadence Design Systems Profile
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.
Further Reading: Why do company’s buyback their stock?
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