Penobscot Investment Management Company Inc. bought a new position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,000 shares of the software maker’s stock, valued at approximately $212,000.
Other large investors also recently bought and sold shares of the company. Next Capital Management LLC purchased a new stake in shares of Cadence Design Systems in the second quarter worth $29,000. CWM LLC raised its position in shares of Cadence Design Systems by 217.9% in the second quarter. CWM LLC now owns 445 shares of the software maker’s stock worth $32,000 after buying an additional 305 shares in the last quarter. Harvest Group Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the first quarter worth $37,000. Flagship Harbor Advisors LLC raised its position in shares of Cadence Design Systems by 853.6% in the second quarter. Flagship Harbor Advisors LLC now owns 534 shares of the software maker’s stock worth $37,000 after buying an additional 478 shares in the last quarter. Finally, Parallel Advisors LLC raised its position in shares of Cadence Design Systems by 29.4% in the first quarter. Parallel Advisors LLC now owns 718 shares of the software maker’s stock worth $46,000 after buying an additional 163 shares in the last quarter. Hedge funds and other institutional investors own 86.39% of the company’s stock.
In other Cadence Design Systems news, VP Aneel Zaman sold 4,766 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $68.25, for a total transaction of $325,279.50. Following the sale, the vice president now owns 243,772 shares in the company, valued at $16,637,439. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Surendra Babu Mandava sold 4,235 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $64.87, for a total value of $274,724.45. Following the sale, the insider now owns 305,888 shares in the company, valued at approximately $19,842,954.56. The disclosure for this sale can be found here. Insiders have sold 145,911 shares of company stock worth $10,322,842 in the last 90 days. Company insiders own 2.34% of the company’s stock.
A number of equities research analysts recently issued reports on CDNS shares. Wells Fargo & Co started coverage on Cadence Design Systems in a research report on Tuesday, May 14th. They issued a “market perform” rating on the stock. BidaskClub downgraded Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 3rd. DA Davidson increased their price objective on Cadence Design Systems to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Credit Suisse Group increased their price objective on Cadence Design Systems from $62.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Finally, Needham & Company LLC increased their price objective on Cadence Design Systems to $76.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Cadence Design Systems has an average rating of “Buy” and an average target price of $64.25.
NASDAQ CDNS traded up $1.18 during trading hours on Friday, reaching $69.32. 1,420,200 shares of the stock traded hands, compared to its average volume of 2,160,408. The stock has a 50 day simple moving average of $72.94 and a two-hundred day simple moving average of $65.27. Cadence Design Systems Inc has a 1 year low of $39.08 and a 1 year high of $77.08. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.60 and a quick ratio of 1.52. The company has a market cap of $18.97 billion, a price-to-earnings ratio of 56.36, a price-to-earnings-growth ratio of 4.15 and a beta of 1.15.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 22nd. The software maker reported $0.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.02. Cadence Design Systems had a return on equity of 31.86% and a net margin of 18.83%. The business had revenue of $580.42 million for the quarter, compared to the consensus estimate of $579.41 million. During the same quarter last year, the business posted $0.45 earnings per share. The company’s revenue for the quarter was up 12.0% on a year-over-year basis. On average, sell-side analysts forecast that Cadence Design Systems Inc will post 1.48 EPS for the current fiscal year.
About Cadence Design Systems
Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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