Algert Global LLC cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,554 shares of the software maker’s stock after selling 11,121 shares during the period. Algert Global LLC’s holdings in Cadence Design Systems were worth $2,195,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the company. Sumitomo Life Insurance Co. raised its stake in shares of Cadence Design Systems by 0.7% in the first quarter. Sumitomo Life Insurance Co. now owns 53,389 shares of the software maker’s stock worth $1,676,000 after buying an additional 392 shares in the last quarter. Janney Capital Management LLC bought a new stake in shares of Cadence Design Systems during the first quarter worth approximately $225,000. Glen Harbor Capital Management LLC raised its stake in shares of Cadence Design Systems by 53.2% in the first quarter. Glen Harbor Capital Management LLC now owns 18,810 shares of the software maker’s stock worth $591,000 after buying an additional 6,534 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Cadence Design Systems during the first quarter worth approximately $81,715,000. Finally, Ferguson Wellman Capital Management Inc. bought a new stake in shares of Cadence Design Systems during the first quarter worth approximately $11,825,000. 86.47% of the stock is currently owned by institutional investors and hedge funds.
Cadence Design Systems, Inc. (CDNS) opened at 36.63 on Tuesday. The firm’s 50-day moving average is $34.68 and its 200-day moving average is $32.19. Cadence Design Systems, Inc. has a 52-week low of $23.88 and a 52-week high of $37.51. The firm has a market capitalization of $10.26 billion, a P/E ratio of 42.59 and a beta of 0.94.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.02. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The firm had revenue of $479 million for the quarter, compared to analysts’ expectations of $476.21 million. During the same quarter in the previous year, the business posted $0.29 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, equities analysts expect that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current year.
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CDNS has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a report on Thursday, July 27th. Bank of America Corporation increased their price objective on shares of Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. BidaskClub lowered shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Royal Bank Of Canada reissued a “buy” rating on shares of Cadence Design Systems in a report on Friday, July 7th. Finally, DA Davidson lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $33.67.
In other news, insider Thomas P. Beckley sold 56,250 shares of the business’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the sale, the insider now directly owns 322,734 shares in the company, valued at $11,295,690. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Aneel Zaman sold 29,406 shares of the business’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $32.62, for a total value of $959,223.72. Following the sale, the insider now owns 247,495 shares in the company, valued at $8,073,286.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 434,656 shares of company stock worth $14,786,334. Company insiders own 2.55% of the company’s stock.
About Cadence Design Systems
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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