Verition Fund Management LLC bought a new position in Cadence Design Systems Inc (NASDAQ:CDNS) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,577 shares of the software maker’s stock, valued at approximately $247,000.
A number of other large investors have also recently made changes to their positions in the business. Massachusetts Financial Services Co. MA boosted its position in Cadence Design Systems by 9.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 26,551,697 shares of the software maker’s stock worth $1,753,472,000 after purchasing an additional 2,198,027 shares during the last quarter. FMR LLC boosted its position in Cadence Design Systems by 9.0% in the second quarter. FMR LLC now owns 4,904,736 shares of the software maker’s stock worth $470,658,000 after purchasing an additional 405,254 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in Cadence Design Systems by 26.5% in the first quarter. Pictet Asset Management Ltd. now owns 4,822,738 shares of the software maker’s stock worth $318,494,000 after purchasing an additional 1,010,549 shares during the last quarter. Nordea Investment Management AB boosted its position in Cadence Design Systems by 156.0% in the second quarter. Nordea Investment Management AB now owns 3,816,896 shares of the software maker’s stock worth $363,750,000 after purchasing an additional 2,326,171 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Cadence Design Systems by 17.5% during the 1st quarter. Janus Henderson Group PLC now owns 3,555,431 shares of the software maker’s stock valued at $234,803,000 after buying an additional 528,634 shares in the last quarter. 86.11% of the stock is currently owned by institutional investors and hedge funds.
Shares of CDNS stock opened at $105.23 on Wednesday. Cadence Design Systems Inc has a twelve month low of $51.39 and a twelve month high of $117.59. The stock has a market capitalization of $28.78 billion, a price-to-earnings ratio of 28.99, a P/E/G ratio of 4.00 and a beta of 1.08. The stock has a fifty day simple moving average of $108.05 and a two-hundred day simple moving average of $88.21. The company has a current ratio of 1.42, a quick ratio of 1.39 and a debt-to-equity ratio of 0.15.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 20th. The software maker reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.14. Cadence Design Systems had a return on equity of 50.84% and a net margin of 41.74%. The business had revenue of $638.42 million during the quarter, compared to analysts’ expectations of $591.09 million. During the same period in the prior year, the business earned $0.57 EPS. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. Research analysts predict that Cadence Design Systems Inc will post 1.88 EPS for the current fiscal year.
A number of research analysts have recently weighed in on the company. Robert W. Baird lifted their price objective on Cadence Design Systems from $110.00 to $117.00 and gave the company an “outperform” rating in a research report on Tuesday, July 21st. BidaskClub raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Friday, September 4th. Bank of America lifted their price objective on Cadence Design Systems from $115.00 to $128.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. DA Davidson lifted their price objective on Cadence Design Systems from $90.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Finally, Credit Suisse Group reissued a “hold” rating and set a $80.00 target price on shares of Cadence Design Systems in a research note on Friday, July 17th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Cadence Design Systems presently has an average rating of “Buy” and an average target price of $102.45.
In related news, VP Aneel Zaman sold 1,765 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $111.25, for a total transaction of $196,356.25. Following the completion of the sale, the vice president now directly owns 173,444 shares in the company, valued at approximately $19,295,645. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Anirudh Devgan sold 150,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $97.00, for a total value of $14,550,000.00. Following the sale, the president now owns 406,567 shares of the company’s stock, valued at $39,436,999. The disclosure for this sale can be found here. Insiders have sold a total of 377,763 shares of company stock valued at $37,981,807 over the last 90 days. 2.58% of the stock is currently owned by company 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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