Strs Ohio Has $1.57 Million Holdings in Cadence Design Systems Inc (CDNS)

Strs Ohio cut its position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 18.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,621 shares of the software maker’s stock after selling 7,830 shares during the period. Strs Ohio’s holdings in Cadence Design Systems were worth $1,569,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Nisa Investment Advisors LLC raised its stake in Cadence Design Systems by 1.7% during the third quarter. Nisa Investment Advisors LLC now owns 75,528 shares of the software maker’s stock worth $3,423,000 after purchasing an additional 1,296 shares during the period. Chesapeake Wealth Management raised its stake in Cadence Design Systems by 19.8% during the second quarter. Chesapeake Wealth Management now owns 8,317 shares of the software maker’s stock worth $360,000 after purchasing an additional 1,375 shares during the period. Granahan Investment Management Inc. MA raised its stake in Cadence Design Systems by 4.6% during the second quarter. Granahan Investment Management Inc. MA now owns 32,614 shares of the software maker’s stock worth $1,413,000 after purchasing an additional 1,434 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cadence Design Systems by 2.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,811 shares of the software maker’s stock valued at $2,677,000 after acquiring an additional 1,569 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Cadence Design Systems by 21.5% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 10,562 shares of the software maker’s stock valued at $389,000 after acquiring an additional 1,871 shares during the period. 87.25% of the stock is currently owned by institutional investors.

In other Cadence Design Systems news, VP James J. Cowie sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, October 25th. The shares were sold at an average price of $45.99, for a total transaction of $2,759,400.00. Following the completion of the transaction, the vice president now owns 106,949 shares in the company, valued at approximately $4,918,584.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $45.33, for a total transaction of $4,533,000.00. Following the transaction, the chief executive officer now owns 552,813 shares of the company’s stock, valued at approximately $25,059,013.29. The disclosure for this sale can be found here. Insiders have sold a total of 280,476 shares of company stock valued at $12,829,314 in the last quarter. 2.55% of the stock is currently owned by company insiders.

NASDAQ CDNS opened at $44.57 on Thursday. The company has a quick ratio of 1.58, a current ratio of 1.64 and a debt-to-equity ratio of 0.27. Cadence Design Systems Inc has a 52 week low of $35.49 and a 52 week high of $47.40. The company has a market cap of $12.52 billion, a price-to-earnings ratio of 42.05, a PEG ratio of 3.18 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 22nd. The software maker reported $0.49 EPS for the quarter, topping the consensus estimate of $0.41 by $0.08. Cadence Design Systems had a net margin of 11.25% and a return on equity of 28.44%. The company had revenue of $532.47 million during the quarter, compared to analysts’ expectations of $516.50 million. During the same quarter in the previous year, the business posted $0.35 EPS. The firm’s revenue was up 9.7% on a year-over-year basis. As a group, research analysts expect that Cadence Design Systems Inc will post 1.16 EPS for the current fiscal year.

CDNS has been the topic of a number of research analyst reports. Credit Suisse Group boosted their price target on shares of Cadence Design Systems from $44.00 to $46.00 and gave the company a “neutral” rating in a research note on Tuesday, July 24th. BidaskClub cut shares of Cadence Design Systems from a “hold” rating to a “sell” rating in a report on Thursday. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $49.00 to $51.00 in a report on Tuesday, October 23rd. Zacks Investment Research cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Finally, Griffin Securities lifted their price objective on shares of Cadence Design Systems from $50.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Cadence Design Systems currently has a consensus rating of “Buy” and an average target price of $50.86.

Cadence Design Systems 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.

Further Reading: What does cost of debt say about a company’s financial health?

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

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