Mason Street Advisors LLC trimmed its holdings in Cadence Design Systems Inc (NASDAQ:CDNS) by 0.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,913 shares of the software maker’s stock after selling 167 shares during the period. Mason Street Advisors LLC’s holdings in Cadence Design Systems were worth $2,637,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of the company. Advisor Partners LLC increased its holdings in shares of Cadence Design Systems by 4.0% in the second quarter. Advisor Partners LLC now owns 3,492 shares of the software maker’s stock worth $247,000 after purchasing an additional 133 shares during the last quarter. Greenleaf Trust boosted its position in shares of Cadence Design Systems by 1.3% during the second quarter. Greenleaf Trust now owns 11,208 shares of the software maker’s stock valued at $794,000 after buying an additional 144 shares during the period. Shine Investment Advisory Services Inc. boosted its position in shares of Cadence Design Systems by 50.5% during the third quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the software maker’s stock valued at $30,000 after buying an additional 152 shares during the period. Wetherby Asset Management Inc. boosted its position in shares of Cadence Design Systems by 2.3% during the third quarter. Wetherby Asset Management Inc. now owns 6,886 shares of the software maker’s stock valued at $455,000 after buying an additional 157 shares during the period. Finally, Shilanski & Associates Inc. boosted its position in shares of Cadence Design Systems by 1.6% during the third quarter. Shilanski & Associates Inc. now owns 10,969 shares of the software maker’s stock valued at $725,000 after buying an additional 174 shares during the period. 85.56% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have issued reports on CDNS shares. Credit Suisse Group restated a “neutral” rating and set a $75.00 target price (up previously from $70.00) on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. Needham & Company LLC boosted their target price on Cadence Design Systems to $76.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Bank of America started coverage on Cadence Design Systems in a research report on Monday, September 23rd. They set a “neutral” rating and a $73.00 target price for the company. ValuEngine lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. dropped their target price on Cadence Design Systems from $78.00 to $75.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Six analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $71.67.
Cadence Design Systems stock traded down $0.04 during mid-day trading on Friday, reaching $67.12. 21,485 shares of the company were exchanged, compared to its average volume of 1,572,575. The business has a fifty day moving average of $65.83 and a 200 day moving average of $68.48. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.59 and a current ratio of 1.70. The firm has a market cap of $18.96 billion, a P/E ratio of 54.59, a PEG ratio of 4.25 and a beta of 1.16. Cadence Design Systems Inc has a 12-month low of $40.31 and a 12-month high of $77.08.
Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 21st. The software maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $579.60 million during the quarter, compared to analyst estimates of $576.33 million. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. Cadence Design Systems’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.49 earnings per share. Sell-side analysts predict that Cadence Design Systems Inc will post 1.51 EPS for the current year.
In other news, VP Surendra Babu Mandava sold 4,027 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $70.60, for a total transaction of $284,306.20. Following the transaction, the vice president now directly owns 299,760 shares of the company’s stock, valued at $21,163,056. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP James J. Cowie sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $68.92, for a total value of $1,378,400.00. Following the transaction, the vice president now directly owns 129,503 shares in the company, valued at $8,925,346.76. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 119,396 shares of company stock worth $8,002,522. Insiders own 2.34% of the company’s stock.
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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