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Other hedge funds have also recently added to or reduced their stakes in the company. Fifth Third Bancorp increased its position in shares of Cadence Design Systems by 3.4% in the second quarter. Fifth Third Bancorp now owns 69,256 shares of the software maker’s stock valued at $9,476,000 after acquiring an additional 2,304 shares during the period. Korea Investment CORP increased its position in shares of Cadence Design Systems by 71.9% during the second quarter. Korea Investment CORP now owns 309,700 shares of the software maker’s stock valued at $42,373,000 after buying an additional 129,500 shares during the period. Dana Investment Advisors Inc. grew its holdings in Cadence Design Systems by 2.8% in the second quarter. Dana Investment Advisors Inc. now owns 223,652 shares of the software maker’s stock worth $30,600,000 after purchasing an additional 6,078 shares during the period. Putnam Investments LLC grew its holdings in Cadence Design Systems by 4.0% in the first quarter. Putnam Investments LLC now owns 202,448 shares of the software maker’s stock worth $27,734,000 after purchasing an additional 7,861 shares during the period. Finally, FMR LLC grew its holdings in Cadence Design Systems by 9.9% in the second quarter. FMR LLC now owns 9,797,196 shares of the software maker’s stock worth $1,340,453,000 after purchasing an additional 883,290 shares during the period. Hedge funds and other institutional investors own 83.23% of the company’s stock.
Shares of NASDAQ CDNS opened at $153.50 on Thursday. The company has a market cap of $42.49 billion, a PE ratio of 63.17, a P/E/G ratio of 5.68 and a beta of 1.03. The firm’s 50 day moving average price is $157.52 and its 200-day moving average price is $142.88. Cadence Design Systems, Inc. has a 52-week low of $105.93 and a 52-week high of $168.61. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.47 and a current ratio of 1.57.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Sunday, July 25th. The software maker reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.10. The company had revenue of $728.29 million for the quarter, compared to the consensus estimate of $715.77 million. Cadence Design Systems had a net margin of 23.47% and a return on equity of 28.93%. During the same quarter in the prior year, the firm earned $0.66 earnings per share. On average, analysts forecast that Cadence Design Systems, Inc. will post 2.52 earnings per share for the current fiscal year.
CDNS has been the topic of a number of recent research reports. KeyCorp upped their price objective on shares of Cadence Design Systems from $162.00 to $166.00 and gave the stock an “overweight” rating in a report on Tuesday, July 27th. Westpark Capital initiated coverage on shares of Cadence Design Systems in a report on Thursday, July 15th. They issued a “buy” rating and a $168.00 price objective on the stock. Rosenblatt Securities initiated coverage on shares of Cadence Design Systems in a report on Friday, September 17th. They issued a “buy” rating and a $173.00 price objective on the stock. Robert W. Baird restated an “outperform” rating and issued a $144.97 price objective (down previously from $160.00) on shares of Cadence Design Systems in a report on Tuesday, July 27th. Finally, Wells Fargo & Company set a $137.72 price objective on shares of Cadence Design Systems and gave the stock a “buy” rating in a report on Wednesday, July 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $150.76.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 16th. The shares were sold at an average price of $151.56, for a total transaction of $7,578,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, July 23rd. The shares were sold at an average price of $143.59, for a total transaction of $143,590.00. Following the sale, the vice president now directly owns 98,521 shares of the company’s stock, valued at $14,146,630.39. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 131,682 shares of company stock worth $20,815,254. 2.31% of the stock is owned by insiders.
Cadence Design Systems Profile
Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. The company was founded by Alberto Sangiovanni-Vincentelli, Gudmundur A.
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