Candriam Luxembourg S.C.A. acquired a new stake in Cadence Design Systems Inc (NASDAQ:CDNS) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 82,699 shares of the software maker’s stock, valued at approximately $3,596,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund boosted its holdings in Cadence Design Systems by 3,809.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,691,151 shares of the software maker’s stock valued at $62,000 after purchasing an additional 2,622,317 shares during the last quarter. Parnassus Investments CA boosted its holdings in Cadence Design Systems by 13.4% in the 4th quarter. Parnassus Investments CA now owns 14,392,128 shares of the software maker’s stock valued at $625,770,000 after purchasing an additional 1,697,043 shares during the last quarter. Man Group plc boosted its holdings in Cadence Design Systems by 136.0% in the 3rd quarter. Man Group plc now owns 2,630,238 shares of the software maker’s stock valued at $119,202,000 after purchasing an additional 1,515,633 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in Cadence Design Systems in the 4th quarter valued at about $41,166,000. Finally, Bank of Montreal Can raised its stake in shares of Cadence Design Systems by 114.0% in the 4th quarter. Bank of Montreal Can now owns 1,773,512 shares of the software maker’s stock valued at $77,112,000 after acquiring an additional 944,900 shares during the period. Institutional investors and hedge funds own 87.66% of the company’s stock.
In related news, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $48.05, for a total value of $4,805,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Anirudh Devgan sold 52,466 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $63.83, for a total transaction of $3,348,904.78. Following the completion of the sale, the president now directly owns 494,480 shares in the company, valued at $31,562,658.40. The disclosure for this sale can be found here. Insiders have sold a total of 352,227 shares of company stock valued at $19,382,862 over the last 90 days. 2.34% of the stock is currently owned by insiders.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 19th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.06. The business had revenue of $569.90 million during the quarter, compared to the consensus estimate of $550.22 million. Cadence Design Systems had a net margin of 16.17% and a return on equity of 28.36%. The business’s revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 EPS. As a group, equities analysts predict that Cadence Design Systems Inc will post 1.4 earnings per share for the current year.
A number of equities research analysts have recently issued reports on CDNS shares. Needham & Company LLC upped their target price on shares of Cadence Design Systems from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, March 14th. Zacks Investment Research cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Monday, February 4th. BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, February 15th. DA Davidson upped their target price on shares of Cadence Design Systems to $62.00 and gave the company a “buy” rating in a report on Wednesday, February 20th. Finally, ValuEngine upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 23rd. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and three have assigned a strong buy rating to the stock. Cadence Design Systems has an average rating of “Buy” and an average target price of $54.88.
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About Cadence Design Systems
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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