Rhumbline Advisers boosted its stake in Cadence Design Systems Inc. (NASDAQ:CDNS) by 2.4% during the third quarter, Holdings Channel reports. The firm owned 547,312 shares of the company’s stock after buying an additional 12,944 shares during the period. Rhumbline Advisers’ holdings in Cadence Design Systems were worth $13,973,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Invictus RG raised its position in shares of Cadence Design Systems by 625.9% in the second quarter. Invictus RG now owns 5,277 shares of the company’s stock valued at $128,000 after buying an additional 4,550 shares during the period. Creative Planning increased its stake in shares of Cadence Design Systems by 56.4% in the third quarter. Creative Planning now owns 5,018 shares of the company’s stock valued at $128,000 after buying an additional 1,810 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in shares of Cadence Design Systems by 83.2% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 5,353 shares of the company’s stock valued at $137,000 after buying an additional 2,431 shares in the last quarter. Daiwa Securities Group Inc. bought a new stake in shares of Cadence Design Systems during the second quarter valued at about $168,000. Finally, Mn Services Vermogensbeheer B.V. bought a new stake in shares of Cadence Design Systems during the second quarter valued at about $168,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cadence Design Systems Inc. (NASDAQ:CDNS) traded down 1.09% during trading on Thursday, hitting $25.50. 694,038 shares of the stock traded hands. The company has a market cap of $7.31 billion, a PE ratio of 30.98 and a beta of 0.99. The firm has a 50 day moving average price of $25.77 and a 200-day moving average price of $25.22. Cadence Design Systems Inc. has a one year low of $18.32 and a one year high of $28.00.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 24th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.02. Cadence Design Systems had a net margin of 13.70% and a return on equity of 23.13%. The business earned $446.20 million during the quarter, compared to analyst estimates of $446.71 million. During the same quarter in the previous year, the business earned $0.28 EPS. Cadence Design Systems’s quarterly revenue was up 2.9% compared to the same quarter last year. Analysts anticipate that Cadence Design Systems Inc. will post $1.20 earnings per share for the current fiscal year.
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CDNS has been the subject of several recent research reports. DA Davidson upgraded Cadence Design Systems from a “neutral” rating to a “buy” rating and increased their price target for the company from $25.00 to $30.00 in a report on Monday, October 10th. Credit Suisse Group AG initiated coverage on Cadence Design Systems in a report on Wednesday, October 19th. They issued a “neutral” rating and a $25.00 price target for the company. Finally, JPMorgan Chase & Co. downgraded Cadence Design Systems from a “neutral” rating to an “underweight” rating and set a $25.00 price target for the company. in a report on Monday, December 12th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $27.28.
In related news, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on Monday, October 17th. The shares were sold at an average price of $25.99, for a total value of $2,599,000.00. Following the transaction, the chief executive officer now owns 466,665 shares in the company, valued at approximately $12,128,623.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 75,000 shares of Cadence Design Systems stock in a transaction on Monday, December 12th. The stock was sold at an average price of $25.92, for a total transaction of $1,944,000.00. Following the completion of the transaction, the director now owns 89,072 shares in the company, valued at approximately $2,308,746.24. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.
About Cadence Design Systems
Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.