Crossmark Global Holdings Inc. raised its stake in Cadence Design Systems Inc (NASDAQ:CDNS) by 252.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,549 shares of the software maker’s stock after acquiring an additional 27,616 shares during the period. Crossmark Global Holdings Inc.’s holdings in Cadence Design Systems were worth $1,612,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the business. Alkeon Capital Management LLC grew its position in Cadence Design Systems by 0.3% in the third quarter. Alkeon Capital Management LLC now owns 5,726,059 shares of the software maker’s stock valued at $226,007,000 after acquiring an additional 15,000 shares during the period. APG Asset Management N.V. grew its position in Cadence Design Systems by 41.9% in the fourth quarter. APG Asset Management N.V. now owns 5,203,800 shares of the software maker’s stock valued at $181,232,000 after acquiring an additional 1,536,559 shares during the period. Canada Pension Plan Investment Board grew its holdings in shares of Cadence Design Systems by 88.3% during the third quarter. Canada Pension Plan Investment Board now owns 2,941,000 shares of the software maker’s stock worth $116,081,000 after purchasing an additional 1,378,800 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Cadence Design Systems by 59.3% during the third quarter. Ameriprise Financial Inc. now owns 1,693,364 shares of the software maker’s stock worth $66,839,000 after purchasing an additional 630,135 shares during the last quarter. Finally, AXA grew its holdings in shares of Cadence Design Systems by 15.9% during the third quarter. AXA now owns 1,687,367 shares of the software maker’s stock worth $66,600,000 after purchasing an additional 231,832 shares during the last quarter. Hedge funds and other institutional investors own 84.91% of the company’s stock.
Shares of Cadence Design Systems Inc (NASDAQ:CDNS) opened at $37.90 on Wednesday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.47 and a current ratio of 1.53. The company has a market capitalization of $10,899.09, a price-to-earnings ratio of 35.74, a PEG ratio of 3.77 and a beta of 0.97. Cadence Design Systems Inc has a 1-year low of $29.56 and a 1-year high of $46.00.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Wednesday, January 31st. The software maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. Cadence Design Systems had a return on equity of 31.28% and a net margin of 10.50%. The company had revenue of $501.70 million for the quarter, compared to analysts’ expectations of $496.20 million. During the same quarter in the prior year, the business earned $0.34 earnings per share. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. research analysts expect that Cadence Design Systems Inc will post 0.85 EPS for the current fiscal year.
In other news, VP James J. Cowie sold 35,000 shares of the company’s stock in a transaction on Tuesday, December 5th. The stock was sold at an average price of $42.75, for a total transaction of $1,496,250.00. Following the transaction, the vice president now owns 117,082 shares of the company’s stock, valued at $5,005,255.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Anirudh Devgan sold 44,526 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $45.01, for a total value of $2,004,115.26. Following the transaction, the president now directly owns 377,019 shares in the company, valued at approximately $16,969,625.19. The disclosure for this sale can be found here. Insiders have sold 256,776 shares of company stock worth $11,313,793 in the last ninety days. 2.55% of the stock is currently owned by insiders.
Several analysts have recently commented on CDNS shares. DA Davidson increased their target price 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. BidaskClub cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Friday, January 19th. Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. Credit Suisse Group restated a “neutral” rating and set a $43.00 target price (up previously from $37.00) on shares of Cadence Design Systems in a report on Thursday, February 1st. Finally, Royal Bank of Canada restated a “buy” rating and set a $46.00 target price on shares of Cadence Design Systems in a report on Friday, October 27th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $44.20.
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Cadence Design Systems Company 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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