Stephens Investment Management Group LLC Buys 3,685 Shares of Cadence Design Systems, Inc. (CDNS)

Stephens Investment Management Group LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.5% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 798,573 shares of the software maker’s stock after buying an additional 3,685 shares during the period. Stephens Investment Management Group LLC owned about 0.29% of Cadence Design Systems worth $26,744,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Creative Planning raised its stake in shares of Cadence Design Systems by 242.2% during the 2nd quarter. Creative Planning now owns 3,282 shares of the software maker’s stock valued at $110,000 after buying an additional 2,323 shares during the last quarter. Commonwealth Bank of Australia raised its stake in shares of Cadence Design Systems by 36.6% during the 2nd quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock valued at $161,000 after buying an additional 1,300 shares during the last quarter. Tocqueville Asset Management L.P. purchased a new position in shares of Cadence Design Systems during the 2nd quarter valued at about $206,000. Atria Investments LLC purchased a new position in shares of Cadence Design Systems during the 2nd quarter valued at about $231,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Cadence Design Systems during the 1st quarter valued at about $240,000. Institutional investors and hedge funds own 84.27% of the company’s stock.

A number of equities analysts have weighed in on CDNS shares. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Royal Bank Of Canada lifted their price objective on Cadence Design Systems from $36.00 to $39.00 and gave the company an “outperform” rating in a research note on Tuesday, July 25th. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Bank of America Corporation lifted their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. Finally, Credit Suisse Group restated an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $33.67.

In other Cadence Design Systems news, CFO Geoffrey G. Ribar sold 15,000 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $37.55, for a total value of $563,250.00. Following the completion of the transaction, the chief financial officer now directly owns 184,413 shares of the company’s stock, valued at $6,924,708.15. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $34.04, for a total transaction of $3,404,000.00. Following the completion of the transaction, the chief executive officer now directly owns 583,332 shares of the company’s stock, valued at $19,856,621.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 416,286 shares of company stock valued at $14,799,640. 2.55% of the stock is currently owned by corporate insiders.

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Shares of Cadence Design Systems, Inc. (NASDAQ CDNS) traded down 1.60% during trading on Tuesday, hitting $37.01. The company had a trading volume of 492,796 shares. Cadence Design Systems, Inc. has a 52-week low of $24.15 and a 52-week high of $39.49. The stock’s 50-day moving average is $37.19 and its 200 day moving average is $34.01. The firm has a market capitalization of $10.37 billion, a P/E ratio of 43.03 and a beta of 0.92.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.02. The firm had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $476.21 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 earnings per share. Equities research analysts predict that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.

Cadence Design Systems Company Profile

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

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