The Manufacturers Life Insurance Company Buys 6,372 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

The Manufacturers Life Insurance Company lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 490,990 shares of the software maker’s stock after buying an additional 6,372 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.18% of Cadence Design Systems worth $16,444,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of CDNS. Janus Henderson Group PLC raised its stake in shares of Cadence Design Systems by 73,454.0% in the second quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock worth $693,303,000 after buying an additional 20,673,635 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Cadence Design Systems by 48.1% in the first quarter. Goldman Sachs Group Inc. now owns 4,771,026 shares of the software maker’s stock worth $149,811,000 after buying an additional 1,549,905 shares during the period. AJO LP raised its stake in shares of Cadence Design Systems by 416.3% in the second quarter. AJO LP now owns 1,757,187 shares of the software maker’s stock worth $58,848,000 after buying an additional 1,416,833 shares during the period. Renaissance Technologies LLC bought a new position in shares of Cadence Design Systems in the first quarter worth about $38,468,000. Finally, Prudential Financial Inc. raised its stake in shares of Cadence Design Systems by 226.0% in the second quarter. Prudential Financial Inc. now owns 1,721,641 shares of the software maker’s stock worth $57,658,000 after buying an additional 1,193,576 shares during the period. 84.44% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at 42.72 on Friday. Cadence Design Systems, Inc. has a 52 week low of $24.15 and a 52 week high of $42.88. The company has a market cap of $11.97 billion, a P/E ratio of 49.67 and a beta of 0.93. The company’s 50-day moving average price is $39.89 and its 200 day moving average price is $36.02.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $485.40 million during the quarter, compared to analysts’ expectations of $481.10 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. Cadence Design Systems’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 EPS. Equities research analysts anticipate that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.

Several brokerages recently issued reports on CDNS. Royal Bank Of Canada reissued a “buy” rating on shares of Cadence Design Systems in a research note on Friday, July 7th. Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. BidaskClub downgraded Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Thursday, July 27th. Finally, Bank of America Corporation lifted their target price on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $38.25.

COPYRIGHT VIOLATION WARNING: “The Manufacturers Life Insurance Company Buys 6,372 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)” was posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are accessing this piece of content on another publication, it was copied illegally and republished in violation of US and international trademark and copyright laws. The legal version of this piece of content can be viewed at https://www.dispatchtribunal.com/2017/10/27/the-manufacturers-life-insurance-company-buys-6372-shares-of-cadence-design-systems-inc-cdns.html.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $41.97, for a total transaction of $4,197,000.00. Following the completion of the transaction, the chief executive officer now owns 445,833 shares of the company’s stock, valued at $18,711,611.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Geoffrey G. Ribar sold 5,000 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $36.88, for a total value of $184,400.00. Following the transaction, the chief financial officer now directly owns 174,413 shares of the company’s stock, valued at approximately $6,432,351.44. The disclosure for this sale can be found here. Insiders have sold 260,786 shares of company stock valued at $10,186,400 in the last three months. Insiders own 2.55% of the company’s stock.

About Cadence Design Systems

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

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

Receive News & Ratings for Cadence Design Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply