Sumitomo Mitsui Asset Management Company LTD lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,168,013 shares of the software maker’s stock after selling 218,229 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD owned 0.42% of Cadence Design Systems worth $46,101,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of CDNS. Teachers Advisors LLC raised its stake in Cadence Design Systems by 8.2% during the 1st quarter. Teachers Advisors LLC now owns 376,033 shares of the software maker’s stock worth $11,807,000 after buying an additional 28,609 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in Cadence Design Systems during the 1st quarter worth $240,000. Credit Suisse AG raised its stake in shares of Cadence Design Systems by 3.8% in the 1st quarter. Credit Suisse AG now owns 472,157 shares of the software maker’s stock valued at $14,826,000 after purchasing an additional 17,393 shares during the period. Achmea Investment Management B.V. acquired a new stake in shares of Cadence Design Systems in the 1st quarter valued at about $326,000. Finally, Skandinaviska Enskilda Banken AB publ raised its stake in shares of Cadence Design Systems by 238.8% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 34,901 shares of the software maker’s stock valued at $1,096,000 after purchasing an additional 24,600 shares during the period. 85.46% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have issued reports on CDNS shares. Royal Bank Of Canada reissued a “buy” rating and issued a $46.00 price target on shares of Cadence Design Systems in a research note on Friday. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Thursday, July 27th. Bank of America Corporation lifted their price target on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. BidaskClub downgraded Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday. One analyst has rated the stock with a sell rating, three have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $39.40.
In related news, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $41.97, for a total transaction of $4,197,000.00. Following the transaction, the chief executive officer now directly owns 445,833 shares of the company’s stock, valued at $18,711,611.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Geoffrey G. Ribar sold 5,000 shares of the company’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $36.88, for a total value of $184,400.00. Following the transaction, the chief financial officer now directly owns 174,413 shares in the company, valued at $6,432,351.44. The disclosure for this sale can be found here. Insiders have sold 260,786 shares of company stock worth $10,186,400 over the last three months. 2.55% of the stock is owned by insiders.
Cadence Design Systems, Inc. (NASDAQ CDNS) traded down 0.32% during mid-day trading on Monday, hitting $42.94. The company’s stock had a trading volume of 491,863 shares. The firm has a 50 day moving average of $40.14 and a 200-day moving average of $36.15. The firm has a market cap of $12.03 billion, a price-to-earnings ratio of 49.93 and a beta of 0.93. Cadence Design Systems, Inc. has a 52-week low of $24.15 and a 52-week high of $43.23.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $485.40 million for the quarter, compared to analyst estimates of $481.10 million. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. Cadence Design Systems’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 earnings per share. On average, equities research analysts expect that Cadence Design Systems, Inc. will post $1.40 EPS for the current fiscal year.
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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