Cadence Design Systems, Inc. (CDNS) Position Reduced by Rainier Investment Management LLC

Rainier Investment Management LLC lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 44.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,870 shares of the software maker’s stock after selling 66,060 shares during the period. Rainier Investment Management LLC’s holdings in Cadence Design Systems were worth $2,742,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of CDNS. BNP Paribas Arbitrage SA raised its stake in Cadence Design Systems by 164.2% in the second quarter. BNP Paribas Arbitrage SA now owns 238,483 shares of the software maker’s stock worth $7,987,000 after buying an additional 148,224 shares in the last quarter. Comerica Bank raised its stake in Cadence Design Systems by 0.4% in the second quarter. Comerica Bank now owns 218,060 shares of the software maker’s stock worth $7,647,000 after buying an additional 973 shares in the last quarter. Legal & General Group Plc raised its stake in Cadence Design Systems by 15.4% in the second quarter. Legal & General Group Plc now owns 523,499 shares of the software maker’s stock worth $17,531,000 after buying an additional 70,041 shares in the last quarter. SG Americas Securities LLC raised its stake in Cadence Design Systems by 6.0% in the second quarter. SG Americas Securities LLC now owns 54,128 shares of the software maker’s stock worth $1,813,000 after buying an additional 3,081 shares in the last quarter. Finally, State of Wisconsin Investment Board raised its stake in Cadence Design Systems by 19.0% in the second quarter. State of Wisconsin Investment Board now owns 305,771 shares of the software maker’s stock worth $10,240,000 after buying an additional 48,740 shares in the last quarter. Institutional investors own 86.08% of the company’s stock.

Cadence Design Systems, Inc. (CDNS) opened at 36.84 on Friday. The firm’s 50-day moving average is $35.52 and its 200-day moving average is $32.97. Cadence Design Systems, Inc. has a 12 month low of $24.15 and a 12 month high of $37.70. The stock has a market capitalization of $10.32 billion, a P/E ratio of 42.84 and a beta of 0.94.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. The company had revenue of $479 million during the quarter, compared to the consensus estimate 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 revenue was up 5.7% on a year-over-year basis. During the same period last year, the company earned $0.29 earnings per share. On average, equities analysts expect that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.

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A number of equities research analysts recently commented on the stock. BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Zacks Investment Research lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Bank of America Corporation upped their price target on shares of Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. Finally, Royal Bank Of Canada upped their price target on shares of Cadence Design Systems from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Cadence Design Systems presently has a consensus rating of “Hold” and an average price target of $33.67.

In other news, VP James J. Cowie sold 44,000 shares of Cadence Design Systems stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $33.09, for a total transaction of $1,455,960.00. Following the completion of the sale, the vice president now directly owns 137,332 shares in the company, valued at $4,544,315.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $37.18, for a total value of $3,718,000.00. Following the sale, the chief executive officer now owns 583,332 shares of the company’s stock, valued at $21,688,283.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 505,250 shares of company stock valued at $17,545,110. 2.55% of the stock is owned by corporate insiders.

About Cadence Design Systems

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).

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

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