Meiji Yasuda Asset Management Co Ltd. acquired a new stake in Cadence Design Systems Inc (NASDAQ:CDNS) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 3,700 shares of the software maker’s stock, valued at approximately $355,000.
Several other hedge funds have also made changes to their positions in CDNS. BlackRock Inc. increased its stake in shares of Cadence Design Systems by 10.7% in the 1st quarter. BlackRock Inc. now owns 29,625,732 shares of the software maker’s stock valued at $1,956,485,000 after acquiring an additional 2,872,493 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Cadence Design Systems by 9.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 26,551,697 shares of the software maker’s stock worth $1,753,472,000 after purchasing an additional 2,198,027 shares during the period. Swedbank bought a new position in shares of Cadence Design Systems during the first quarter worth $103,594,000. Lone Pine Capital LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at $85,099,000. Finally, Pictet Asset Management Ltd. raised its stake in Cadence Design Systems by 26.5% during the 1st quarter. Pictet Asset Management Ltd. now owns 4,822,738 shares of the software maker’s stock worth $318,494,000 after buying an additional 1,010,549 shares during the period. Institutional investors own 86.11% of the company’s stock.
Several equities analysts recently issued reports on CDNS shares. UBS Group began coverage on Cadence Design Systems in a research report on Wednesday, May 27th. They issued a “neutral” rating and a $91.00 price objective for the company. Robert W. Baird upped their target price on shares of Cadence Design Systems from $110.00 to $117.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 21st. Needham & Company LLC lifted their price target on Cadence Design Systems from $86.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. BidaskClub raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Wells Fargo & Co lifted their target price on Cadence Design Systems from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday, July 21st. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $100.17.
In other news, CEO Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $89.80, for a total value of $4,490,000.00. Following the completion of the sale, the chief executive officer now directly owns 802,128 shares in the company, valued at $72,031,094.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Susan L. Bostrom sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $110.24, for a total value of $1,102,400.00. Following the completion of the sale, the director now owns 2,412 shares of the company’s stock, valued at $265,898.88. The disclosure for this sale can be found here. In the last three months, insiders sold 431,545 shares of company stock valued at $42,821,188. 2.58% of the stock is currently owned by company insiders.
CDNS stock traded down $4.05 during mid-day trading on Friday, hitting $104.01. 26,991 shares of the company were exchanged, compared to its average volume of 1,327,796. Cadence Design Systems Inc has a 1-year low of $51.39 and a 1-year high of $117.59. The stock has a market capitalization of $32.64 billion, a PE ratio of 29.77, a price-to-earnings-growth ratio of 4.53 and a beta of 1.08. The business has a 50 day simple moving average of $107.53 and a 200-day simple moving average of $86.55. The company has a current ratio of 1.42, a quick ratio of 1.39 and a debt-to-equity ratio of 0.15.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 20th. The software maker reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.14. Cadence Design Systems had a return on equity of 50.84% and a net margin of 41.74%. The business had revenue of $638.42 million during the quarter, compared to analysts’ expectations of $591.09 million. During the same period last year, the firm posted $0.57 EPS. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. Equities research analysts expect that Cadence Design Systems Inc will post 1.88 earnings per share for the current year.
Cadence Design Systems Company 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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