Cadence Design Systems Inc (CDNS) Stake Lifted by Acadian Asset Management LLC

Acadian Asset Management LLC lifted its holdings in Cadence Design Systems Inc (NASDAQ:CDNS) by 3.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,005,276 shares of the software maker’s stock after acquiring an additional 59,088 shares during the quarter. Acadian Asset Management LLC’s holdings in Cadence Design Systems were worth $127,355,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CDNS. Oregon Public Employees Retirement Fund boosted its holdings in shares of 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 worth $62,000 after acquiring an additional 2,622,317 shares in the last quarter. Parnassus Investments CA raised its position 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 worth $625,770,000 after purchasing an additional 1,697,043 shares during the last quarter. Norges Bank bought a new position in Cadence Design Systems in the 4th quarter worth approximately $61,212,000. Millennium Management LLC raised its position in Cadence Design Systems by 79.8% in the 4th quarter. Millennium Management LLC now owns 2,695,739 shares of the software maker’s stock worth $117,211,000 after purchasing an additional 1,196,155 shares during the last quarter. Finally, FMR LLC raised its position in Cadence Design Systems by 14,036.2% in the 4th quarter. FMR LLC now owns 1,039,579 shares of the software maker’s stock worth $45,200,000 after purchasing an additional 1,032,225 shares during the last quarter. 86.88% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts recently weighed in on CDNS shares. Wells Fargo & Co started coverage on shares of Cadence Design Systems in a research report on Tuesday, May 14th. They issued a “market perform” rating for the company. BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 30th. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $63.00 price objective for the company in a research report on Friday, February 22nd. DA Davidson boosted their price objective on shares of Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, February 20th. Finally, ValuEngine upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 23rd. Five analysts have rated the stock with a hold rating, five have issued a buy rating and three have assigned a strong buy rating to the company. Cadence Design Systems has a consensus rating of “Buy” and a consensus price target of $59.44.

In other Cadence Design Systems news, insider Chin-Chi Teng sold 5,084 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $57.92, for a total transaction of $294,465.28. Following the completion of the sale, the insider now owns 106,363 shares in the company, valued at approximately $6,160,544.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Roger S. Siboni sold 13,500 shares of the company’s stock in a transaction on Wednesday, February 27th. The shares were sold at an average price of $57.10, for a total transaction of $770,850.00. Following the sale, the director now owns 47,479 shares of the company’s stock, valued at approximately $2,711,050.90. The disclosure for this sale can be found here. Insiders have sold a total of 262,019 shares of company stock valued at $16,513,628 in the last quarter. Corporate insiders own 2.34% of the company’s stock.

CDNS stock opened at $63.72 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.45 and a quick ratio of 1.39. Cadence Design Systems Inc has a fifty-two week low of $39.08 and a fifty-two week high of $70.49. The company has a market capitalization of $18.37 billion, a P/E ratio of 51.80, a P/E/G ratio of 4.06 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.35 by $0.08. The company had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $569.34 million. Cadence Design Systems had a net margin of 17.91% and a return on equity of 30.86%. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 EPS. As a group, sell-side analysts forecast that Cadence Design Systems Inc will post 1.46 EPS for the current fiscal year.

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

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