Cadence Design Systems Inc (CDNS) Stake Increased by Bank of Montreal Can

Bank of Montreal Can raised its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 15.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 828,612 shares of the software maker’s stock after acquiring an additional 111,565 shares during the period. Bank of Montreal Can’s holdings in Cadence Design Systems were worth $37,552,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CDNS. Dimensional Fund Advisors LP lifted its stake in shares of Cadence Design Systems by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,137,829 shares of the software maker’s stock worth $41,838,000 after acquiring an additional 13,834 shares during the period. UBS Group AG lifted its stake in shares of Cadence Design Systems by 16.0% in the 1st quarter. UBS Group AG now owns 384,297 shares of the software maker’s stock worth $14,130,000 after acquiring an additional 53,023 shares during the period. United Capital Financial Advisers LLC acquired a new stake in shares of Cadence Design Systems in the 1st quarter worth $206,000. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of Cadence Design Systems by 21.5% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 10,562 shares of the software maker’s stock worth $389,000 after acquiring an additional 1,871 shares during the period. Finally, Amundi Pioneer Asset Management Inc. lifted its stake in shares of Cadence Design Systems by 15.8% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 116,902 shares of the software maker’s stock worth $4,299,000 after acquiring an additional 15,966 shares during the period. Institutional investors own 87.30% of the company’s stock.

Shares of CDNS opened at $40.04 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $12.82 billion, a PE ratio of 37.77, a P/E/G ratio of 3.83 and a beta of 1.13. Cadence Design Systems Inc has a 52-week low of $35.49 and a 52-week high of $47.40.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 23rd. The software maker reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.05. The business had revenue of $518.40 million during the quarter, compared to the consensus estimate 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 was up 8.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.34 EPS. On average, equities research analysts forecast that Cadence Design Systems Inc will post 0.99 EPS for the current fiscal year.

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 in the company, valued at approximately $1,000,743.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lip Bu Tan sold 5,469 shares of the stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $46.10, for a total transaction of $252,120.90. Following the completion of the transaction, the chief executive officer now owns 424,566 shares of the company’s stock, valued at approximately $19,572,492.60. The disclosure for this sale can be found here. Insiders sold a total of 133,445 shares of company stock valued at $6,070,163 in the last quarter. Insiders own 2.28% of the company’s stock.

Several research firms have recently commented on CDNS. BidaskClub upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, August 28th. Credit Suisse Group raised their target price on shares of Cadence Design Systems from $44.00 to $46.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 24th. Griffin Securities increased their price target on shares of Cadence Design Systems from $50.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. Zacks Investment Research downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Finally, DA Davidson increased their price target on shares of Cadence Design Systems to $52.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $48.43.

Cadence Design Systems Profile

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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