Summit Securities Group LLC decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 67.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 20,260 shares of the software maker’s stock after selling 42,296 shares during the period. Summit Securities Group LLC’s holdings in Cadence Design Systems were worth $679,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Creative Planning boosted its stake in shares of Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock worth $110,000 after buying an additional 2,323 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Cadence Design Systems by 0.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,370 shares of the software maker’s stock worth $200,000 after buying an additional 31 shares in the last quarter. Quantitative Systematic Strategies LLC bought a new stake in shares of Cadence Design Systems during the first quarter worth about $205,000. Janney Capital Management LLC bought a new stake in shares of Cadence Design Systems during the first quarter worth about $225,000. Finally, Atria Investments LLC bought a new stake in shares of Cadence Design Systems during the second quarter worth about $231,000. Institutional investors own 86.47% of the company’s stock.
Cadence Design Systems, Inc. (NASDAQ CDNS) opened at 36.19 on Friday. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of 42.08 and a beta of 0.94. The company’s 50 day moving average price is $35.11 and its 200-day moving average price is $32.58. Cadence Design Systems, Inc. has a 12-month low of $24.03 and a 12-month high of $37.51.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.02. The company had revenue of $479 million for the quarter, compared to analysts’ expectations of $476.21 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. Cadence Design Systems’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 earnings per share. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.
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CDNS has been the topic of a number of analyst reports. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Thursday, July 27th. Bank of America Corporation upped their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. BidaskClub cut Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Royal Bank Of Canada reiterated a “buy” rating on shares of Cadence Design Systems in a research note on Friday, July 7th. Finally, DA Davidson cut Cadence Design Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Cadence Design Systems presently has a consensus rating of “Hold” and an average target price of $33.67.
In related news, insider Thomas P. Beckley sold 56,250 shares of Cadence Design Systems stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the sale, the insider now directly owns 322,734 shares in the company, valued at $11,295,690. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Aneel Zaman sold 29,406 shares of Cadence Design Systems stock in a transaction on Friday, May 19th. The stock was sold at an average price of $32.62, for a total value of $959,223.72. Following the sale, the insider now owns 247,495 shares in the company, valued at $8,073,286.90. The disclosure for this sale can be found here. Insiders have sold 434,656 shares of company stock worth $14,786,334 over the last quarter. 2.55% of the stock is currently owned by corporate insiders.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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