Engineers Gate Manager LP decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 83.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,952 shares of the software maker’s stock after selling 15,202 shares during the period. Engineers Gate Manager LP’s holdings in Cadence Design Systems were worth $482,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Epoch Investment Partners Inc. lifted its position in shares of Cadence Design Systems by 0.8% during the 3rd quarter. Epoch Investment Partners Inc. now owns 172,400 shares of the software maker’s stock valued at $28,175,000 after buying an additional 1,344 shares in the last quarter. Ethic Inc. lifted its position in shares of Cadence Design Systems by 26.3% during the 3rd quarter. Ethic Inc. now owns 21,617 shares of the software maker’s stock valued at $3,533,000 after buying an additional 4,504 shares in the last quarter. First Trust Advisors LP lifted its holdings in Cadence Design Systems by 3.5% in the 3rd quarter. First Trust Advisors LP now owns 450,739 shares of the software maker’s stock valued at $73,664,000 after purchasing an additional 15,335 shares in the last quarter. Baker Avenue Asset Management LP purchased a new position in Cadence Design Systems in the 3rd quarter valued at $681,000. Finally, Bank of New York Mellon Corp lifted its holdings in Cadence Design Systems by 3.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,307,626 shares of the software maker’s stock valued at $377,135,000 after purchasing an additional 83,439 shares in the last quarter. Hedge funds and other institutional investors own 84.06% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on CDNS. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Sunday, January 29th. Needham & Company LLC raised their price objective on Cadence Design Systems from $200.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, February 14th. Deutsche Bank Aktiengesellschaft raised their price objective on Cadence Design Systems from $200.00 to $222.00 and gave the company a “buy” rating in a report on Wednesday, February 15th. Robert W. Baird raised their price objective on Cadence Design Systems from $206.00 to $215.00 and gave the company an “outperform” rating in a report on Tuesday, February 14th. Finally, Bank of America raised their price objective on Cadence Design Systems from $205.00 to $225.00 and gave the company a “buy” rating in a report on Tuesday, February 14th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $211.55.
Cadence Design Systems Stock Down 0.4 %
Cadence Design Systems (NASDAQ:CDNS – Get Rating) last issued its quarterly earnings data on Monday, February 13th. The software maker reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. The firm had revenue of $899.88 million during the quarter, compared to the consensus estimate of $884.23 million. Cadence Design Systems had a return on equity of 33.89% and a net margin of 23.83%. The company’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period last year, the company earned $0.67 EPS. Sell-side analysts expect that Cadence Design Systems, Inc. will post 3.98 EPS for the current year.
Insider Buying and Selling
In related news, VP Paul Cunningham sold 250 shares of the firm’s stock in a transaction dated Thursday, January 5th. The stock was sold at an average price of $157.56, for a total transaction of $39,390.00. Following the completion of the sale, the vice president now directly owns 93,189 shares of the company’s stock, valued at approximately $14,682,858.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 10,000 shares of Cadence Design Systems stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $193.80, for a total value of $1,938,000.00. Following the completion of the transaction, the director now directly owns 78,410 shares of the company’s stock, valued at approximately $15,195,858. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 250 shares of Cadence Design Systems stock in a transaction dated Thursday, January 5th. The shares were sold at an average price of $157.56, for a total value of $39,390.00. Following the completion of the transaction, the vice president now directly owns 93,189 shares of the company’s stock, valued at $14,682,858.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 207,116 shares of company stock valued at $37,845,507. 1.99% of the stock is currently owned by insiders.
Cadence Design Systems Profile
Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: United States, Other Americas, China, Other Asia, Europe, Middle East and Africa and Japan.
Featured Stories
- Get a free copy of the StockNews.com research report on Cadence Design Systems (CDNS)
- What the SVB Financial Collapse Means for U.S. Banks
- MarketBeat Week in Review – 3/6 – 3/10
- 2 Offshore Drilling Stocks Set to Extract Big Profits
- Three Staples Stocks With Double-Digit Upside Ahead
- Can Investors Trust Consumers to Lift American Outdoor Brands?
Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating).
Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.
