William Blair Investment Management LLC cut its stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 11.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,878 shares of the software maker’s stock after selling 2,796 shares during the quarter. William Blair Investment Management LLC’s holdings in Cadence Design Systems were worth $992,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Alps Advisors Inc. boosted its stake in shares of Cadence Design Systems by 44.4% in the second quarter. Alps Advisors Inc. now owns 28,022 shares of the software maker’s stock valued at $1,172,000 after purchasing an additional 8,613 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Cadence Design Systems by 8.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 935,040 shares of the software maker’s stock valued at $40,497,000 after purchasing an additional 69,791 shares during the period. Smith Asset Management Group LP lifted its stake in Cadence Design Systems by 6.0% in the second quarter. Smith Asset Management Group LP now owns 1,025,689 shares of the software maker’s stock worth $44,484,000 after acquiring an additional 58,279 shares during the last quarter. Virginia Retirement Systems ET AL purchased a new position in Cadence Design Systems in the second quarter worth approximately $11,061,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Cadence Design Systems in the second quarter worth approximately $1,278,000. 87.65% of the stock is currently owned by hedge funds and other institutional investors.
CDNS has been the subject of a number of recent research reports. BidaskClub upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Zacks Investment Research downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, September 25th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $49.00 to $51.00 in a research note on Tuesday, October 23rd. Benchmark upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research note on Tuesday, October 23rd. Finally, Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, November 20th. They issued a “hold” rating and a $50.00 price target for the company. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Cadence Design Systems currently has a consensus rating of “Buy” and a consensus price target of $50.75.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 22nd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.08. The company had revenue of $532.47 million during the quarter, compared to the consensus estimate of $516.50 million. Cadence Design Systems had a net margin of 11.25% and a return on equity of 28.44%. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.35 earnings per share. On average, equities research analysts anticipate that Cadence Design Systems Inc will post 1.16 EPS for the current fiscal year.
In other news, President Anirudh Devgan sold 20,476 shares of the business’s stock in a transaction that occurred on Friday, September 21st. The shares were sold at an average price of $45.73, for a total transaction of $936,367.48. Following the completion of the sale, the president now owns 335,170 shares in the company, valued at approximately $15,327,324.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lip Bu Tan sold 5,469 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $46.10, for a total transaction of $252,120.90. Following the sale, the chief executive officer now owns 424,566 shares of the company’s stock, valued at approximately $19,572,492.60. The disclosure for this sale can be found here. Insiders have sold a total of 213,471 shares of company stock valued at $9,763,272 in the last 90 days. Insiders own 2.55% of the company’s stock.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.
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