Great West Life Assurance Co. Can cut its stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 16.3% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 191,735 shares of the software maker’s stock after selling 37,268 shares during the period. Great West Life Assurance Co. Can owned about 0.07% of Cadence Design Systems worth $8,698,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Fort L.P. purchased a new position in Cadence Design Systems during the second quarter valued at approximately $119,000. Psagot Investment House Ltd. grew its position in Cadence Design Systems by 52.4% during the third quarter. Psagot Investment House Ltd. now owns 3,262 shares of the software maker’s stock valued at $148,000 after purchasing an additional 1,121 shares in the last quarter. Signaturefd LLC grew its position in Cadence Design Systems by 160.0% during the second quarter. Signaturefd LLC now owns 4,573 shares of the software maker’s stock valued at $198,000 after purchasing an additional 2,814 shares in the last quarter. Buckingham Asset Management LLC purchased a new position in Cadence Design Systems during the third quarter valued at approximately $208,000. Finally, Intact Investment Management Inc. bought a new stake in Cadence Design Systems in the third quarter worth approximately $218,000. 87.65% of the stock is currently owned by hedge funds and other institutional investors.
CDNS stock opened at $42.67 on Friday. The company has a quick ratio of 1.58, a current ratio of 1.64 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $12.41 billion, a price-to-earnings ratio of 37.61, a price-to-earnings-growth ratio of 3.15 and a beta of 1.13. Cadence Design Systems Inc has a 12 month low of $35.49 and a 12 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 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.08. The company had revenue of $532.47 million during the quarter, compared to the consensus estimate of $516.50 million. Cadence Design Systems had a net margin of 11.25% and a return on equity of 28.44%. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.35 earnings per share. On average, equities research analysts predict that Cadence Design Systems Inc will post 1.16 EPS for the current fiscal year.
Several research firms have commented on CDNS. BidaskClub raised shares of Cadence Design Systems from a “sell” rating to a “hold” rating in a research report on Friday, November 23rd. Berenberg Bank began coverage on shares of Cadence Design Systems in a research report on Tuesday, November 20th. They issued a “hold” rating and a $50.00 target price for the company. Zacks Investment Research raised 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 report on Thursday, October 25th. Benchmark raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a research report on Tuesday, October 23rd. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $49.00 to $51.00 in a research report on Tuesday, October 23rd. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $50.75.
In related news, President Anirudh Devgan sold 20,476 shares of the company’s 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 completion of the sale, the president now directly owns 335,170 shares of the company’s stock, valued at approximately $15,327,324.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Aneel Zaman sold 32,995 shares of the company’s stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $44.46, for a total transaction of $1,466,957.70. Following the sale, the insider now directly owns 202,927 shares of the company’s stock, valued at $9,022,134.42. The disclosure for this sale can be found here. Insiders sold 213,471 shares of company stock valued at $9,763,272 over the last three months. 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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