Norinchukin Bank The boosted its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 77.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 37,008 shares of the software maker’s stock after purchasing an additional 16,153 shares during the period. Norinchukin Bank The’s holdings in Cadence Design Systems were worth $1,548,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. ARP Americas LP bought a new stake in Cadence Design Systems in the 4th quarter worth about $761,000. Ontario Teachers Pension Plan Board grew its position in Cadence Design Systems by 66.0% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 55,212 shares of the software maker’s stock worth $2,309,000 after purchasing an additional 21,949 shares in the last quarter. American International Group Inc. grew its position in Cadence Design Systems by 31.9% in the 4th quarter. American International Group Inc. now owns 110,193 shares of the software maker’s stock worth $4,608,000 after purchasing an additional 26,650 shares in the last quarter. Employees Retirement System of Texas grew its position in Cadence Design Systems by 42.5% in the 4th quarter. Employees Retirement System of Texas now owns 79,800 shares of the software maker’s stock worth $3,337,000 after purchasing an additional 23,800 shares in the last quarter. Finally, Wealthfront Inc. bought a new stake in Cadence Design Systems in the 4th quarter worth about $433,000. 83.42% of the stock is owned by institutional investors and hedge funds.
In other news, President Anirudh Devgan sold 44,526 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $45.01, for a total transaction of $2,004,115.26. Following the completion of the transaction, the president now directly owns 377,019 shares of the company’s stock, valued at approximately $16,969,625.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $43.52, for a total transaction of $4,352,000.00. Following the transaction, the chief executive officer now directly owns 533,333 shares of the company’s stock, valued at $23,210,652.16. The disclosure for this sale can be found here. Insiders have sold a total of 256,776 shares of company stock valued at $11,313,793 over the last three months. Insiders own 2.55% of the company’s stock.
A number of equities research analysts have issued reports on the stock. BidaskClub downgraded shares of Cadence Design Systems from a “hold” rating to a “sell” rating in a research report on Wednesday, February 7th. Credit Suisse Group reaffirmed a “neutral” rating and issued a $43.00 price objective (up from $37.00) on shares of Cadence Design Systems in a research report on Thursday, February 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, October 29th. DA Davidson upped their price objective on shares of Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of Cadence Design Systems from a “hold” rating to a “strong sell” rating in a research report on Monday, February 5th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $44.20.
Cadence Design Systems Inc (NASDAQ CDNS) opened at $39.74 on Friday. Cadence Design Systems Inc has a 52-week low of $30.35 and a 52-week high of $46.00. The firm has a market cap of $10,975.32, a P/E ratio of 53.70, a PEG ratio of 3.79 and a beta of 0.97. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.47 and a current ratio of 1.53.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Wednesday, January 31st. The software maker reported $0.39 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.39. Cadence Design Systems had a net margin of 10.50% and a return on equity of 31.28%. The firm had revenue of $501.70 million during the quarter, compared to the consensus estimate of $496.20 million. During the same period in the prior year, the firm earned $0.34 EPS. The company’s revenue was up 7.0% compared to the same quarter last year. sell-side analysts anticipate that Cadence Design Systems Inc will post 0.85 earnings per share for the current fiscal year.
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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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