CrestPoint Capital Management LLC Cuts Position in Cadence Design Systems Inc (CDNS)

CrestPoint Capital Management LLC lessened its holdings in Cadence Design Systems Inc (NASDAQ:CDNS) by 49.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 21,200 shares of the software maker’s stock after selling 20,400 shares during the period. CrestPoint Capital Management LLC’s holdings in Cadence Design Systems were worth $887,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Cadence Design Systems by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 24,488,691 shares of the software maker’s stock worth $820,127,000 after buying an additional 516,100 shares during the period. Janus Henderson Group PLC increased its holdings in Cadence Design Systems by 73,454.0% in the 2nd quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock worth $693,303,000 after buying an additional 20,673,635 shares during the period. State Street Corp increased its holdings in Cadence Design Systems by 1.2% in the 2nd quarter. State Street Corp now owns 9,105,421 shares of the software maker’s stock worth $304,935,000 after buying an additional 108,305 shares during the period. Alkeon Capital Management LLC increased its holdings in Cadence Design Systems by 0.3% in the 3rd quarter. Alkeon Capital Management LLC now owns 5,726,059 shares of the software maker’s stock worth $226,007,000 after buying an additional 15,000 shares during the period. Finally, APG Asset Management N.V. increased its holdings in Cadence Design Systems by 20,049.7% in the 3rd quarter. APG Asset Management N.V. now owns 3,667,241 shares of the software maker’s stock worth $144,746,000 after buying an additional 3,649,041 shares during the period. Institutional investors own 84.77% of the company’s stock.

Several brokerages recently weighed in on CDNS. BidaskClub upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday, January 10th. Needham & Company LLC reiterated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. Royal Bank of Canada increased their price target on shares of Cadence Design Systems from $39.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 11th. DA Davidson increased their price target on shares of Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Wednesday, November 1st. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $44.50.

In other news, Director John B. Shoven sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $45.00, for a total transaction of $2,250,000.00. Following the sale, the director now owns 196,189 shares of the company’s stock, valued at approximately $8,828,505. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Wall sold 750 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $43.83, for a total transaction of $32,872.50. Following the sale, the chief financial officer now directly owns 110,823 shares in the company, valued at approximately $4,857,372.09. The disclosure for this sale can be found here. Insiders have sold a total of 280,974 shares of company stock worth $12,319,462 in the last ninety days. Corporate insiders own 2.55% of the company’s stock.

Shares of Cadence Design Systems Inc (CDNS) traded down $0.79 during midday trading on Wednesday, hitting $44.28. 2,219,200 shares of the stock were exchanged, compared to its average volume of 1,913,690. The firm has a market cap of $12,725.96, a PE ratio of 47.61, a price-to-earnings-growth ratio of 3.69 and a beta of 0.94. Cadence Design Systems Inc has a twelve month low of $25.62 and a twelve month high of $45.64. The company has a quick ratio of 1.72, a current ratio of 1.79 and a debt-to-equity ratio of 0.64.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $485.40 million for the quarter, compared to analysts’ expectations of $481.10 million. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The business’s revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the company earned $0.30 EPS. equities analysts forecast that Cadence Design Systems Inc will post 1.06 EPS for the current year.

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

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