Picton Mahoney Asset Management Cuts Stake in Cadence Design Systems Inc (CDNS)

Picton Mahoney Asset Management lessened its holdings in Cadence Design Systems Inc (NASDAQ:CDNS) by 3.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,400 shares of the software maker’s stock after selling 2,100 shares during the quarter. Picton Mahoney Asset Management’s holdings in Cadence Design Systems were worth $3,009,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CDNS. Fort L.P. bought a new stake in shares of Cadence Design Systems in the second quarter worth $119,000. Psagot Investment House Ltd. raised its position in Cadence Design Systems by 52.4% during the third quarter. Psagot Investment House Ltd. now owns 3,262 shares of the software maker’s stock worth $148,000 after acquiring an additional 1,121 shares in the last quarter. Signaturefd LLC raised its position in Cadence Design Systems by 160.0% during the second quarter. Signaturefd LLC now owns 4,573 shares of the software maker’s stock worth $198,000 after acquiring an additional 2,814 shares in the last quarter. Buckingham Asset Management LLC bought a new stake in Cadence Design Systems during the third quarter worth $208,000. Finally, Conning Inc. bought a new stake in Cadence Design Systems during the second quarter worth $217,000. 87.56% of the stock is currently owned by institutional investors and hedge funds.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $45.33, for a total value of $4,533,000.00. Following the transaction, the chief executive officer now directly owns 552,813 shares in the company, valued at $25,059,013.29. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP James J. Cowie sold 60,000 shares of the company’s stock in a transaction 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 $4,918,584.51. The disclosure for this sale can be found here. Over the last quarter, insiders sold 313,471 shares of company stock worth $14,296,272. Corporate insiders own 2.55% of the company’s stock.

CDNS has been the topic of several analyst reports. Benchmark raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research report on Tuesday, October 23rd. Griffin Securities upped their price target on shares of Cadence Design Systems from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. DA Davidson upped their price target on shares of Cadence Design Systems to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. Needham & Company LLC upped their price target on shares of Cadence Design Systems from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. Finally, BidaskClub raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Thursday, August 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Cadence Design Systems currently has a consensus rating of “Buy” and an average target price of $50.86.

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

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 22nd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $532.47 million for the quarter, compared to analyst estimates of $516.50 million. During the same period in the prior year, the firm posted $0.35 earnings per share. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. Equities research analysts anticipate that Cadence Design Systems Inc will post 1.16 EPS for the current year.

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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.

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

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