Cadence Design Systems Inc (CDNS) Position Trimmed by Iberiabank Corp

Iberiabank Corp decreased its position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 62.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,433 shares of the software maker’s stock after selling 25,587 shares during the quarter. Iberiabank Corp’s holdings in Cadence Design Systems were worth $699,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Parnassus Investments CA acquired a new position in Cadence Design Systems during the second quarter worth about $460,597,000. Legal & General Group Plc raised its stake in Cadence Design Systems by 197.6% during the first quarter. Legal & General Group Plc now owns 1,730,484 shares of the software maker’s stock worth $63,622,000 after acquiring an additional 1,148,997 shares in the last quarter. Millennium Management LLC raised its stake in Cadence Design Systems by 89.6% during the first quarter. Millennium Management LLC now owns 2,097,474 shares of the software maker’s stock worth $77,124,000 after acquiring an additional 991,219 shares in the last quarter. Ardevora Asset Management LLP acquired a new position in Cadence Design Systems during the second quarter worth about $34,335,000. Finally, Schwab Charles Investment Management Inc. raised its stake in Cadence Design Systems by 35.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 2,109,108 shares of the software maker’s stock worth $91,346,000 after acquiring an additional 548,424 shares in the last quarter. 87.30% of the stock is owned by institutional investors and hedge funds.

In other news, President Anirudh Devgan sold 20,476 shares of the company’s stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $45.73, for a total value of $936,367.48. Following the completion of the transaction, the president now owns 335,170 shares of the company’s stock, valued at $15,327,324.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James D. Plummer sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, July 26th. The shares were sold at an average price of $46.49, for a total value of $348,675.00. Following the completion of the transaction, the director now directly owns 21,526 shares of the company’s stock, valued at approximately $1,000,743.74. The disclosure for this sale can be found here. Insiders sold 233,445 shares of company stock valued at $10,584,163 in the last ninety days. 2.28% of the stock is currently owned by insiders.

Cadence Design Systems stock opened at $39.99 on Friday. 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 0.29, a current ratio of 1.30 and a quick ratio of 1.26. The company has a market capitalization of $12.82 billion, a PE ratio of 37.16, a PEG ratio of 3.83 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 23rd. The software maker reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.05. Cadence Design Systems had a return on equity of 28.38% and a net margin of 10.62%. The company had revenue of $518.40 million during the quarter, compared to the consensus estimate of $514.94 million. During the same quarter in the prior year, the firm posted $0.34 earnings per share. The firm’s revenue was up 8.2% compared to the same quarter last year. On average, sell-side analysts predict that Cadence Design Systems Inc will post 0.99 EPS for the current fiscal year.

Several research analysts have commented on the company. BidaskClub downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, August 22nd. DA Davidson boosted their target price on Cadence Design Systems to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, July 24th. Needham & Company LLC boosted their target price on Cadence Design Systems from $47.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 24th. Zacks Investment Research downgraded Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 26th. Finally, Griffin Securities boosted their target price on Cadence Design Systems from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, July 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $48.43.

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.

Further Reading: Can individual investors take part in an IPO?

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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