NorthCoast Asset Management LLC Sells 34,927 Shares of Cadence Design Systems Inc (CDNS)

NorthCoast Asset Management LLC decreased its position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 4.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 704,980 shares of the software maker’s stock after selling 34,927 shares during the quarter. Cadence Design Systems accounts for approximately 2.9% of NorthCoast Asset Management LLC’s investment portfolio, making the stock its 4th largest position. NorthCoast Asset Management LLC’s holdings in Cadence Design Systems were worth $30,533,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Fort L.P. bought a new stake in Cadence Design Systems during the second quarter worth about $119,000. Signaturefd LLC lifted its position in Cadence Design Systems by 160.0% during the second quarter. Signaturefd LLC now owns 4,573 shares of the software maker’s stock worth $198,000 after purchasing an additional 2,814 shares during the period. United Capital Financial Advisers LLC bought a new stake in Cadence Design Systems during the first quarter worth about $206,000. Thompson Siegel & Walmsley LLC lifted its position in Cadence Design Systems by 114.8% during the first quarter. Thompson Siegel & Walmsley LLC now owns 5,800 shares of the software maker’s stock worth $213,000 after purchasing an additional 3,100 shares during the period. Finally, Point72 Asia Hong Kong Ltd lifted its position in Cadence Design Systems by 32,672.2% during the first quarter. Point72 Asia Hong Kong Ltd now owns 5,899 shares of the software maker’s stock worth $217,000 after purchasing an additional 5,881 shares during the period. 87.29% of the stock is owned by institutional investors and hedge funds.

In other news, Director James D. Plummer sold 7,500 shares of the stock in a transaction dated Thursday, July 26th. The shares were sold at an average price of $46.49, for a total value of $348,675.00. Following the completion of the transaction, the director now owns 21,526 shares of the company’s stock, valued at $1,000,743.74. The transaction was disclosed in a document filed 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 dated Wednesday, August 15th. The stock was sold at an average price of $45.33, for a total transaction of $4,533,000.00. Following the completion of the transaction, the chief executive officer now directly owns 552,813 shares of the company’s stock, valued at approximately $25,059,013.29. The disclosure for this sale can be found here. Insiders sold 208,250 shares of company stock valued at $9,429,500 in the last three months. Company insiders own 2.55% of the company’s stock.

CDNS stock opened at $46.26 on Monday. The stock has a market capitalization of $12.97 billion, a PE ratio of 43.64, a P/E/G ratio of 3.87 and a beta of 1.10. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.30 and a quick ratio of 1.26. Cadence Design Systems Inc has a 12 month low of $35.49 and a 12 month high of $47.40.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 23rd. The software maker reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.05. The firm had revenue of $518.40 million during the quarter, compared to analysts’ expectations of $514.94 million. Cadence Design Systems had a net margin of 10.62% and a return on equity of 28.38%. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.34 earnings per share. analysts anticipate that Cadence Design Systems Inc will post 0.99 EPS for the current year.

Several research firms recently weighed in on CDNS. BidaskClub raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, August 28th. Credit Suisse Group upped their price objective on shares of Cadence Design Systems from $44.00 to $46.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 24th. Griffin Securities upped their price objective on shares of Cadence Design Systems from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. DA Davidson upped their price objective on shares of Cadence Design Systems to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. Finally, Needham & Company LLC upped their price objective on shares of Cadence Design Systems from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $48.43.

About Cadence Design Systems

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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, a verification computing 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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