Cadence Design Systems Inc (CDNS) Shares Sold by Pendal Group Ltd

Pendal Group Ltd reduced its stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 41.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,226 shares of the software maker’s stock after selling 48,062 shares during the quarter. Pendal Group Ltd’s holdings in Cadence Design Systems were worth $3,137,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Gulf International Bank UK Ltd lifted its holdings in shares of Cadence Design Systems by 3.6% in the third quarter. Gulf International Bank UK Ltd now owns 91,663 shares of the software maker’s stock valued at $4,154,000 after purchasing an additional 3,172 shares in the last quarter. BP PLC purchased a new stake in shares of Cadence Design Systems in the third quarter valued at about $1,586,000. Virginia Retirement Systems ET AL lifted its holdings in shares of Cadence Design Systems by 54.6% in the third quarter. Virginia Retirement Systems ET AL now owns 394,800 shares of the software maker’s stock valued at $17,892,000 after purchasing an additional 139,400 shares in the last quarter. WINTON GROUP Ltd lifted its holdings in shares of Cadence Design Systems by 65.5% in the third quarter. WINTON GROUP Ltd now owns 514,753 shares of the software maker’s stock valued at $23,329,000 after purchasing an additional 203,639 shares in the last quarter. Finally, Buckingham Asset Management LLC purchased a new stake in shares of Cadence Design Systems in the third quarter valued at about $208,000. Hedge funds and other institutional investors own 87.56% of the company’s stock.

NASDAQ:CDNS opened at $46.46 on Friday. The company has a quick ratio of 1.58, a current ratio of 1.64 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $12.61 billion, a PE ratio of 43.83, a PEG ratio of 3.20 and a beta of 1.12. Cadence Design Systems Inc has a 1-year low of $35.49 and a 1-year high of $47.40.

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

Several analysts have issued reports on CDNS shares. Credit Suisse Group upped their price target on shares of Cadence Design Systems from $44.00 to $46.00 and gave the company a “neutral” rating in a report on Tuesday, July 24th. BidaskClub downgraded shares of Cadence Design Systems from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. JPMorgan Chase & Co. raised shares of Cadence Design Systems from an “underweight” rating to a “neutral” rating and upped their price target for the company from $49.00 to $51.00 in a report on Tuesday, October 23rd. Zacks Investment Research downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Finally, Griffin Securities upped their price target 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 issued a strong buy rating to the company’s stock. Cadence Design Systems has a consensus rating of “Buy” and an average price target of $50.86.

In other 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 value of $2,759,400.00. Following the completion of the transaction, the vice president now owns 106,949 shares of the company’s stock, valued at $4,918,584.51. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $45.33, for a total transaction of $4,533,000.00. Following the completion of the transaction, the chief executive officer now directly 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. In the last three months, insiders sold 313,471 shares of company stock valued at $14,296,272. Company insiders own 2.55% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “Cadence Design Systems Inc (CDNS) Shares Sold by Pendal Group Ltd” was originally posted by Sports Perspectives and is owned by of Sports Perspectives. If you are accessing this piece of content on another publication, it was illegally stolen and republished in violation of U.S. & international copyright & trademark law. The legal version of this piece of content can be accessed at https://sportsperspectives.com/2018/11/09/cadence-design-systems-inc-cdns-shares-sold-by-pendal-group-ltd.html.

About Cadence Design Systems

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.

Featured Story: Conference Calls

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).

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

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.

Leave a Reply