Janney Montgomery Scott LLC lifted its stake in Cadence Design Systems Inc (NASDAQ:CDNS) by 18.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 25,673 shares of the software maker’s stock after purchasing an additional 3,953 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Cadence Design Systems were worth $1,696,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in CDNS. BlackRock Inc. boosted its holdings in shares of Cadence Design Systems by 11.0% in the 2nd quarter. BlackRock Inc. now owns 22,809,519 shares of the software maker’s stock worth $1,615,142,000 after purchasing an additional 2,264,949 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Cadence Design Systems by 49.3% in the 2nd quarter. AQR Capital Management LLC now owns 6,280,165 shares of the software maker’s stock worth $440,805,000 after purchasing an additional 2,072,953 shares during the period. Nuveen Asset Management LLC lifted its stake in shares of Cadence Design Systems by 401.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,795,416 shares of the software maker’s stock worth $127,133,000 after acquiring an additional 1,437,212 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Cadence Design Systems by 75.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,494,456 shares of the software maker’s stock worth $105,822,000 after acquiring an additional 642,566 shares during the last quarter. Finally, APG Asset Management N.V. lifted its stake in shares of Cadence Design Systems by 267.5% during the 2nd quarter. APG Asset Management N.V. now owns 543,200 shares of the software maker’s stock worth $33,776,000 after acquiring an additional 395,400 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company’s stock.
Shares of CDNS stock opened at $66.87 on Friday. Cadence Design Systems Inc has a 52-week low of $40.31 and a 52-week high of $77.08. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.59 and a current ratio of 1.70. The firm has a market capitalization of $18.86 billion, a P/E ratio of 44.21, a P/E/G ratio of 4.22 and a beta of 1.16. The stock has a 50 day moving average price of $65.72 and a 200 day moving average price of $68.44.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 21st. The software maker reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.03. The firm had revenue of $579.60 million during the quarter, compared to analyst estimates of $576.33 million. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. Cadence Design Systems’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period last year, the company earned $0.49 EPS. As a group, sell-side analysts forecast that Cadence Design Systems Inc will post 1.51 EPS for the current year.
A number of equities research analysts recently issued reports on CDNS shares. BidaskClub lowered Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 3rd. Credit Suisse Group reissued a “neutral” rating and set a $75.00 price target (up from $70.00) on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. Wells Fargo & Co raised Cadence Design Systems from a “market perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research note on Friday, October 11th. DA Davidson raised their price target on Cadence Design Systems to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, ValuEngine lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Six research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $71.67.
In other Cadence Design Systems news, insider Aneel Zaman sold 3,361 shares of Cadence Design Systems stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $70.18, for a total transaction of $235,874.98. Following the completion of the sale, the insider now directly owns 235,701 shares of the company’s stock, valued at approximately $16,541,496.18. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP James J. Cowie sold 2,008 shares of Cadence Design Systems stock in a transaction on Monday, August 26th. The shares were sold at an average price of $67.57, for a total value of $135,680.56. Following the sale, the vice president now directly owns 106,170 shares of the company’s stock, valued at $7,173,906.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 159,396 shares of company stock valued at $10,723,322. 2.34% of the stock is currently owned by corporate insiders.
Cadence Design Systems Profile
Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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