Alliancebernstein L.P. reduced its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 5.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 618,993 shares of the software maker’s stock after selling 32,748 shares during the period. Alliancebernstein L.P. owned about 0.22% of Cadence Design Systems worth $28,053,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA boosted its holdings in shares of Cadence Design Systems by 0.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 22,592,711 shares of the software maker’s stock valued at $1,023,900,000 after purchasing an additional 140,805 shares during the last quarter. Parnassus Investments CA acquired a new position in shares of Cadence Design Systems in the 2nd quarter valued at $460,597,000. Northern Trust Corp boosted its holdings in shares of Cadence Design Systems by 2.6% in the 2nd quarter. Northern Trust Corp now owns 3,326,013 shares of the software maker’s stock valued at $144,049,000 after purchasing an additional 84,704 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Cadence Design Systems by 12.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,550,297 shares of the software maker’s stock valued at $110,452,000 after purchasing an additional 285,828 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of 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 during the last quarter. 88.26% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:CDNS opened at $45.04 on Monday. The company has a current ratio of 1.64, a quick ratio of 1.58 and a debt-to-equity ratio of 0.27. The firm has a market cap of $12.71 billion, a P/E ratio of 42.49, a price-to-earnings-growth ratio of 3.23 and a beta of 1.12. Cadence Design Systems Inc has a twelve month low of $35.49 and a twelve month high of $47.40.
Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 22nd. The software maker reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.08. The business had revenue of $532.47 million for the quarter, compared to analyst estimates of $516.50 million. Cadence Design Systems had a net margin of 11.25% and a return on equity of 28.44%. The business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.35 EPS. Sell-side analysts forecast that Cadence Design Systems Inc will post 1.16 EPS for the current year.
A number of equities analysts have weighed in on the stock. Benchmark upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a report on Tuesday, October 23rd. BidaskClub lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, August 22nd. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $54.00 price target on the stock in a report on Thursday, October 25th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday, November 20th. They issued a “hold” rating and a $50.00 price target on the stock. Finally, JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $49.00 to $51.00 in a report on Tuesday, October 23rd. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Cadence Design Systems currently has a consensus rating of “Buy” and an average price target of $50.75.
In related news, CEO Lip Bu Tan sold 5,469 shares of Cadence Design Systems stock in a transaction on Monday, September 17th. The shares were sold at an average price of $46.10, for a total transaction of $252,120.90. Following the transaction, the chief executive officer now owns 424,566 shares in the company, valued at approximately $19,572,492.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Anirudh Devgan sold 20,476 shares of Cadence Design Systems stock in a transaction on Friday, September 21st. The shares were sold at an average price of $45.73, for a total transaction of $936,367.48. Following the transaction, the president now owns 335,170 shares in the company, valued at approximately $15,327,324.10. The disclosure for this sale can be found here. Insiders have sold a total of 213,471 shares of company stock worth $9,763,272 in the last 90 days. Company insiders own 2.55% of the company’s stock.
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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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