A number of other institutional investors have also bought and sold shares of CDNS. Voya Investment Management LLC raised its stake in Cadence Design Systems by 102.3% during the 2nd quarter. Voya Investment Management LLC now owns 1,818,157 shares of the software maker’s stock valued at $272,778,000 after purchasing an additional 919,571 shares during the period. FMR LLC increased its holdings in shares of Cadence Design Systems by 4.7% in the second quarter. FMR LLC now owns 10,344,233 shares of the software maker’s stock worth $1,551,944,000 after purchasing an additional 462,306 shares during the last quarter. Prudential Financial Inc. lifted its position in shares of Cadence Design Systems by 83.0% in the third quarter. Prudential Financial Inc. now owns 819,168 shares of the software maker’s stock worth $133,882,000 after buying an additional 371,526 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Cadence Design Systems by 55.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,037,790 shares of the software maker’s stock valued at $170,675,000 after buying an additional 368,956 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Cadence Design Systems during the 1st quarter worth approximately $57,084,000. Hedge funds and other institutional investors own 84.06% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on the stock. Robert W. Baird upped their price target on shares of Cadence Design Systems to $206.00 in a research note on Wednesday, December 14th. Stifel Nicolaus restated a “hold” rating and set a $200.00 price target on shares of Cadence Design Systems in a report on Wednesday, October 26th. Rosenblatt Securities cut their price target on shares of Cadence Design Systems from $185.00 to $175.00 and set a “buy” rating on the stock in a report on Monday, October 24th. Bank of America raised Cadence Design Systems from a “neutral” rating to a “buy” rating and upped their target price for the company from $185.00 to $205.00 in a research note on Friday, December 16th. Finally, Atlantic Securities upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $200.00 target price on the stock in a research note on Tuesday, January 17th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $195.50.
Cadence Design Systems Trading Up 1.0 %
Shares of Cadence Design Systems stock opened at $185.70 on Tuesday. The stock has a 50 day moving average of $171.01 and a 200 day moving average of $168.75. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The firm has a market capitalization of $50.94 billion, a price-to-earnings ratio of 65.39, a PEG ratio of 2.49 and a beta of 1.12. Cadence Design Systems, Inc. has a fifty-two week low of $132.32 and a fifty-two week high of $194.97.
Cadence Design Systems (NASDAQ:CDNS – Get Rating) last released its quarterly earnings results on Monday, February 13th. The software maker reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. Cadence Design Systems had a return on equity of 33.19% and a net margin of 22.86%. The business had revenue of $899.88 million during the quarter, compared to analysts’ expectations of $884.23 million. During the same period in the prior year, the business posted $0.67 EPS. The company’s revenue was up 16.4% compared to the same quarter last year. As a group, research analysts predict that Cadence Design Systems, Inc. will post 3.41 earnings per share for the current year.
Insider Transactions at Cadence Design Systems
In other Cadence Design Systems news, insider Lip Bu Tan sold 42,500 shares of the stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $173.39, for a total value of $7,369,075.00. Following the sale, the insider now owns 602,589 shares of the company’s stock, valued at approximately $104,482,906.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Young Sohn sold 10,000 shares of the stock in a transaction on Wednesday, November 30th. The shares were sold at an average price of $166.00, for a total value of $1,660,000.00. Following the transaction, the director now directly owns 36,372 shares of the company’s stock, valued at approximately $6,037,752. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lip Bu Tan sold 42,500 shares of the company’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $173.39, for a total transaction of $7,369,075.00. Following the completion of the transaction, the insider now owns 602,589 shares of the company’s stock, valued at approximately $104,482,906.71. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 164,350 shares of company stock valued at $27,919,671. 1.99% of the stock is currently owned by company insiders.
Cadence Design Systems Company Profile
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Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: Americas, Asia, Europe, Middle East and Africa, and Japan.
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