TrimTabs Asset Management LLC purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,276 shares of the software maker’s stock, valued at approximately $244,000.
Other hedge funds also recently modified their holdings of the company. Teachers Advisors LLC boosted its stake in Cadence Design Systems by 26.4% in the fourth quarter. Teachers Advisors LLC now owns 347,424 shares of the software maker’s stock valued at $8,762,000 after buying an additional 72,492 shares in the last quarter. Capstone Asset Management Co. raised its position in shares of Cadence Design Systems by 2.3% in the first quarter. Capstone Asset Management Co. now owns 27,201 shares of the software maker’s stock worth $854,000 after buying an additional 600 shares during the last quarter. DnB Asset Management AS raised its position in shares of Cadence Design Systems by 25.7% in the first quarter. DnB Asset Management AS now owns 22,500 shares of the software maker’s stock worth $706,000 after buying an additional 4,600 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new position in shares of Cadence Design Systems during the first quarter worth approximately $205,000. Finally, Acadian Asset Management LLC purchased a new position in shares of Cadence Design Systems during the first quarter worth approximately $81,715,000. Institutional investors and hedge funds own 86.08% of the company’s stock.
Shares of Cadence Design Systems, Inc. (NASDAQ CDNS) opened at 37.45 on Wednesday. Cadence Design Systems, Inc. has a 52-week low of $24.15 and a 52-week high of $37.70. The firm has a market cap of $10.49 billion, a PE ratio of 43.55 and a beta of 0.94. The stock has a 50 day moving average price of $35.72 and a 200-day moving average price of $33.21.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The business had revenue of $479 million during the quarter, compared to the consensus estimate of $476.21 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post $1.39 EPS for the current fiscal year.
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A number of equities analysts recently commented on CDNS shares. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Thursday, July 27th. Bank of America Corporation raised their price objective 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 lowered Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Cadence Design Systems in a research note on Friday, July 7th. Finally, DA Davidson downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $33.67.
In other news, CFO Geoffrey G. Ribar sold 5,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 174,413 shares of the company’s stock, valued at approximately $6,432,351.44. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $34.68, for a total transaction of $3,468,000.00. Following the completion of the sale, the chief executive officer now directly owns 583,332 shares of the company’s stock, valued at $20,229,953.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 396,250 shares of company stock valued at $14,049,000. Insiders own 2.55% of the company’s stock.
About Cadence Design Systems
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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