Tredje AP fonden bought a new position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 6,911 shares of the software maker’s stock, valued at approximately $439,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Harvest Group Wealth Management LLC bought a new position in Cadence Design Systems in the first quarter valued at about $37,000. Parallel Advisors LLC grew its position in Cadence Design Systems by 29.4% in the first quarter. Parallel Advisors LLC now owns 718 shares of the software maker’s stock valued at $46,000 after acquiring an additional 163 shares during the last quarter. JNBA Financial Advisors bought a new position in Cadence Design Systems in the fourth quarter valued at about $39,000. Lindbrook Capital LLC bought a new position in Cadence Design Systems in the fourth quarter valued at about $52,000. Finally, Bessemer Group Inc. grew its position in Cadence Design Systems by 51.9% in the fourth quarter. Bessemer Group Inc. now owns 1,344 shares of the software maker’s stock valued at $59,000 after acquiring an additional 459 shares during the last quarter. 87.28% of the stock is owned by institutional investors.
A number of research analysts have issued reports on CDNS shares. Needham & Company LLC lifted their target price on Cadence Design Systems from $60.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. KeyCorp initiated coverage on Cadence Design Systems in a research note on Wednesday, April 10th. They set a “sector weight” rating on the stock. BidaskClub lowered Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 19th. DA Davidson reissued a “buy” rating on shares of Cadence Design Systems in a research note on Tuesday, April 23rd. Finally, Royal Bank of Canada lifted their price target on Cadence Design Systems to $73.00 and gave the company an “outperform” rating in a research note on Tuesday, April 23rd. Six research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $59.44.
CDNS traded up $0.41 during trading on Wednesday, hitting $69.84. The company’s stock had a trading volume of 1,798,000 shares, compared to its average volume of 2,113,790. Cadence Design Systems Inc has a twelve month low of $39.08 and a twelve month high of $73.09. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.45 and a quick ratio of 1.39. The business’s fifty day simple moving average is $67.15. The stock has a market capitalization of $19.67 billion, a price-to-earnings ratio of 56.78, a P/E/G ratio of 4.43 and a beta of 1.15.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.08. The firm had revenue of $577.00 million during the quarter, compared to the consensus estimate of $569.34 million. Cadence Design Systems had a return on equity of 30.86% and a net margin of 17.91%. The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.40 earnings per share. Equities analysts predict that Cadence Design Systems Inc will post 1.46 earnings per share for the current fiscal year.
In other Cadence Design Systems news, insider Aneel Zaman sold 5,136 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $63.35, for a total value of $325,365.60. Following the completion of the transaction, the insider now owns 247,262 shares in the company, valued at approximately $15,664,047.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Anirudh Devgan sold 52,466 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $63.83, for a total value of $3,348,904.78. Following the completion of the transaction, the president now owns 494,480 shares of the company’s stock, valued at approximately $31,562,658.40. The disclosure for this sale can be found here. Insiders have sold 234,837 shares of company stock valued at $15,764,745 in the last quarter. 2.34% of the stock is currently owned by corporate insiders.
Cadence Design Systems Profile
Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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