Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Amalgamated Bank

Amalgamated Bank increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 58,225 shares of the software maker's stock after purchasing an additional 1,228 shares during the period. Amalgamated Bank's holdings in Cadence Design Systems were worth $14,808,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. Norges Bank purchased a new position in Cadence Design Systems in the 4th quarter valued at $1,170,209,000. GAMMA Investing LLC raised its position in shares of Cadence Design Systems by 31,049.1% in the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock valued at $309,835,000 after buying an additional 1,214,330 shares during the last quarter. Schroder Investment Management Group lifted its stake in shares of Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after buying an additional 716,041 shares in the last quarter. FMR LLC boosted its position in Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after acquiring an additional 639,146 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after acquiring an additional 632,175 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CDNS has been the subject of a number of recent research reports. KeyCorp increased their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Wells Fargo & Company increased their price target on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Oppenheimer reduced their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. Mizuho boosted their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Finally, Needham & Company LLC restated a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the transaction, the vice president directly owned 28,442 shares in the company, valued at $8,532,600. This represents a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Friday, June 13th. The shares were sold at an average price of $302.00, for a total value of $302,000.00. Following the completion of the sale, the vice president directly owned 106,499 shares of the company's stock, valued at $32,162,698. The trade was a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,975 shares of company stock worth $5,808,237 in the last three months. Company insiders own 0.37% of the company's stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $308.15 on Tuesday. The stock has a fifty day simple moving average of $301.86 and a 200-day simple moving average of $286.36. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The stock has a market cap of $84.14 billion, a PE ratio of 78.01, a P/E/G ratio of 4.23 and a beta of 0.99. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $326.19.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the firm posted $1.17 earnings per share. Cadence Design Systems's revenue was up 23.1% compared to the same quarter last year. Equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Cadence Design Systems Profile

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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.

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