Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 41,301 shares of the software maker’s stock after purchasing an additional 5,500 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Cadence Design Systems were worth $1,630,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in CDNS. Creative Planning increased its holdings in Cadence Design Systems by 242.2% in the 2nd quarter. Creative Planning now owns 3,282 shares of the software maker’s stock worth $110,000 after acquiring an additional 2,323 shares during the last quarter. Commonwealth Bank of Australia increased its holdings in Cadence Design Systems by 36.6% in the 2nd quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock worth $161,000 after acquiring an additional 1,300 shares during the last quarter. Advisor Group Inc. increased its holdings in Cadence Design Systems by 151.4% in the 3rd quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock worth $165,000 after acquiring an additional 2,505 shares during the last quarter. Dupont Capital Management Corp purchased a new stake in Cadence Design Systems in the 3rd quarter worth about $170,000. Finally, Parkwood LLC purchased a new stake in Cadence Design Systems in the 3rd quarter worth about $201,000. 84.81% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts recently weighed in on CDNS shares. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. DA Davidson lifted their price objective on Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. Royal Bank Of Canada lifted their price objective on Cadence Design Systems from $39.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 11th. Finally, Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $40.60.
Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at $42.90 on Thursday. Cadence Design Systems, Inc. has a 12 month low of $24.15 and a 12 month high of $45.64. The company has a quick ratio of 1.72, a current ratio of 1.79 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $12,090.00, a PE ratio of 45.61, a price-to-earnings-growth ratio of 3.35 and a beta of 0.93.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Thursday, October 26th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. The business had revenue of $485.40 million during the quarter, compared to the consensus estimate of $481.10 million. During the same quarter last year, the company earned $0.30 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. equities analysts expect that Cadence Design Systems, Inc. will post 1.06 earnings per share for the current year.
In other news, CFO John M. Wall sold 750 shares of Cadence Design Systems stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $40.68, for a total transaction of $30,510.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $41.97, for a total value of $4,197,000.00. Following the sale, the chief executive officer now owns 445,833 shares of the company’s stock, valued at approximately $18,711,611.01. The disclosure for this sale can be found here. In the last 90 days, insiders sold 230,224 shares of company stock valued at $9,879,242. 2.55% of the stock is owned by corporate insiders.
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Cadence Design Systems Profile
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).
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