Cambridge Investment Research Advisors Inc. trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 7.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,992 shares of the software maker’s stock after selling 1,005 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Cadence Design Systems were worth $2,729,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of CDNS. Cibc World Market Inc. lifted its holdings in Cadence Design Systems by 2.7% in the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock valued at $3,541,000 after acquiring an additional 571 shares during the last quarter. Prudential PLC purchased a new stake in Cadence Design Systems during the first quarter valued at about $1,160,000. Loomis Sayles & Co. L P lifted its stake in Cadence Design Systems by 1,030.1% during the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock valued at $457,000 after buying an additional 2,534 shares in the last quarter. Zions Bancorporation N.A. lifted its stake in Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after buying an additional 117 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Cadence Design Systems by 26.8% during the first quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after buying an additional 3,433 shares in the last quarter. 83.95% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of analysts have commented on CDNS shares. Needham & Company LLC reaffirmed a “buy” rating and set a $235.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 25th. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $253.00 to $257.00 in a research note on Tuesday, July 25th. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Thursday, August 24th. Wells Fargo & Company upped their target price on Cadence Design Systems from $250.00 to $270.00 and gave the company an “overweight” rating in a report on Tuesday, July 18th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 target price on shares of Cadence Design Systems in a report on Friday, August 25th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Buy” and a consensus price target of $255.22.
Cadence Design Systems Trading Up 1.3 %
NASDAQ:CDNS opened at $243.56 on Friday. The stock’s 50 day moving average price is $232.59 and its 200 day moving average price is $218.49. Cadence Design Systems, Inc. has a 52 week low of $138.76 and a 52 week high of $248.16. The company has a market capitalization of $66.20 billion, a P/E ratio of 74.71, a P/E/G ratio of 3.11 and a beta of 1.04. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.26 and a current ratio of 1.37.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last released its quarterly earnings data on Monday, July 24th. The software maker reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04. Cadence Design Systems had a return on equity of 33.79% and a net margin of 23.41%. The firm had revenue of $977.00 million for the quarter, compared to the consensus estimate of $975.99 million. During the same quarter in the prior year, the company posted $0.85 earnings per share. The firm’s revenue was up 13.9% on a year-over-year basis. On average, research analysts forecast that Cadence Design Systems, Inc. will post 4.1 EPS for the current fiscal year.
Insider Buying and Selling
In other news, VP Chin-Chi Teng sold 12,858 shares of Cadence Design Systems stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $239.54, for a total value of $3,080,005.32. Following the transaction, the vice president now owns 126,165 shares of the company’s stock, valued at $30,221,564.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Chin-Chi Teng sold 12,858 shares of Cadence Design Systems stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $239.54, for a total value of $3,080,005.32. Following the transaction, the vice president now owns 126,165 shares of the company’s stock, valued at $30,221,564.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James D. Plummer sold 4,406 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $238.54, for a total transaction of $1,051,007.24. Following the completion of the transaction, the director now directly owns 25,335 shares in the company, valued at approximately $6,043,410.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 79,269 shares of company stock worth $18,359,051. Insiders own 1.99% of the company’s stock.
Cadence Design Systems Profile
Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.
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