First Quadrant L P CA Increases Position in Cadence Design Systems Inc (NASDAQ:CDNS)

First Quadrant L P CA lifted its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 91.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,267 shares of the software maker’s stock after purchasing an additional 30,139 shares during the period. First Quadrant L P CA’s holdings in Cadence Design Systems were worth $4,480,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC grew its stake in Cadence Design Systems by 853.6% during the second quarter. Flagship Harbor Advisors LLC now owns 534 shares of the software maker’s stock valued at $37,000 after acquiring an additional 478 shares in the last quarter. Harvest Group Wealth Management LLC purchased a new position in Cadence Design Systems during the first quarter valued at $37,000. Parallel Advisors LLC grew its stake in Cadence Design Systems by 29.4% during the first quarter. Parallel Advisors LLC now owns 718 shares of the software maker’s stock valued at $46,000 after acquiring an additional 163 shares in the last quarter. Cerebellum GP LLC purchased a new position in Cadence Design Systems during the second quarter valued at $94,000. Finally, First Manhattan Co. purchased a new position in Cadence Design Systems during the first quarter valued at $127,000. 87.36% of the stock is owned by hedge funds and other institutional investors.

In other news, CEO Lip Bu Tan sold 40,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $75.12, for a total value of $3,004,800.00. Following the completion of the sale, the chief executive officer now owns 899,852 shares in the company, valued at approximately $67,596,882.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Aneel Zaman sold 5,136 shares of Cadence Design Systems stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $63.35, for a total transaction of $325,365.60. Following the sale, the insider now owns 247,262 shares of the company’s stock, valued at approximately $15,664,047.70. The disclosure for this sale can be found here. Insiders sold a total of 179,371 shares of company stock valued at $12,619,690 in the last 90 days. Company insiders own 2.34% of the company’s stock.

Several equities analysts recently weighed in on the stock. Credit Suisse Group raised their target price on shares of Cadence Design Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada lifted their price objective on shares of Cadence Design Systems to $73.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 23rd. BidaskClub cut shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Saturday. DA Davidson lifted their price objective on shares of Cadence Design Systems to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, KeyCorp began coverage on shares of Cadence Design Systems in a research note on Wednesday, April 10th. They issued a “sector weight” rating for the company. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $64.25.

Shares of Cadence Design Systems stock traded down $1.77 during trading on Friday, hitting $71.27. The stock had a trading volume of 1,802,398 shares, compared to its average volume of 2,033,311. The company has a fifty day simple moving average of $73.02. The firm has a market capitalization of $20.46 billion, a PE ratio of 57.94, a PEG ratio of 4.48 and a beta of 1.15. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.52 and a current ratio of 1.60. Cadence Design Systems Inc has a 12 month low of $39.08 and a 12 month high of $77.08.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The firm had revenue of $580.42 million during the quarter, compared to analyst estimates of $579.41 million. Cadence Design Systems had a net margin of 18.83% and a return on equity of 31.86%. The business’s revenue was up 12.0% on a year-over-year basis. During the same quarter last year, the business earned $0.45 EPS. Analysts forecast that Cadence Design Systems Inc will post 1.48 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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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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