Credit Suisse AG grew its holdings in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 17.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 494,267 shares of the software maker’s stock after purchasing an additional 73,980 shares during the period. Credit Suisse AG owned approximately 0.18% of Cadence Design Systems worth $22,400,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Massachusetts Financial Services Co. MA grew its holdings in Cadence Design Systems by 0.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 22,592,711 shares of the software maker’s stock worth $1,023,900,000 after acquiring an additional 140,805 shares during the period. BlackRock Inc. grew its holdings in Cadence Design Systems by 2.0% during the third quarter. BlackRock Inc. now owns 20,689,949 shares of the software maker’s stock worth $937,669,000 after acquiring an additional 402,733 shares during the period. Parnassus Investments CA acquired a new position in Cadence Design Systems during the second quarter worth about $460,597,000. Northern Trust Corp increased its stake in 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 worth $144,049,000 after purchasing an additional 84,704 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in 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 worth $110,452,000 after purchasing an additional 285,828 shares in the last quarter. 87.65% of the stock is currently owned by institutional investors.
A number of equities analysts recently weighed in on CDNS shares. BidaskClub cut Cadence Design Systems from a “hold” rating to a “sell” rating in a research note on Thursday, October 4th. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $54.00 price target on the stock in a research note on Thursday, October 25th. Benchmark raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research note on Tuesday, October 23rd. Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, November 20th. They issued a “hold” rating and a $50.00 price target on the stock. Finally, JPMorgan Chase & Co. raised Cadence Design Systems from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $49.00 to $51.00 in a research note on Tuesday, October 23rd. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $50.75.
Shares of CDNS opened at $45.04 on Monday. The stock has a market capitalization of $12.71 billion, a P/E ratio of 38.50, a P/E/G ratio of 3.23 and a beta of 1.13. Cadence Design Systems Inc has a 1-year low of $35.49 and a 1-year high of $47.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.58 and a current ratio of 1.64.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 22nd. The software maker reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 firm had revenue of $532.47 million for the quarter, compared to analysts’ expectations of $516.50 million. During the same quarter last year, the business posted $0.35 EPS. Cadence Design Systems’s revenue was up 9.7% on a year-over-year basis. As a group, equities analysts forecast that Cadence Design Systems Inc will post 1.16 EPS for the current year.
In other news, VP James J. Cowie sold 60,000 shares of Cadence Design Systems stock in a transaction dated Thursday, October 25th. The stock was sold at an average price of $45.99, for a total transaction of $2,759,400.00. Following the completion of the sale, the vice president now directly owns 106,949 shares in the company, valued at approximately $4,918,584.51. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Lip Bu Tan sold 5,469 shares of Cadence Design Systems stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $46.10, for a total value of $252,120.90. Following the sale, the chief executive officer now owns 424,566 shares of the company’s stock, valued at $19,572,492.60. The disclosure for this sale can be found here. Insiders have sold a total of 213,471 shares of company stock valued at $9,763,272 over the last 90 days. Corporate insiders own 2.28% of the company’s stock.
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Cadence Design Systems Company 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.
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