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Invesco Ltd. Acquires 296,983 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cadence Design Systems logo with Computer and Technology background

Key Points

  • Invesco Ltd. has increased its holdings in Cadence Design Systems, acquiring a total of 2,416,284 shares worth approximately $614.53 million after boosting its position by 14% during the first quarter.
  • Institutional investors collectively own around 84.85% of Cadence Design Systems, with notable recent additions from several firms, indicating strong institutional interest.
  • Cadence Design Systems reported earnings of $1.65 per share for the most recent quarter, exceeding analysts' expectations, with a 20.2% year-over-year revenue growth.
  • Looking to export and analyze Cadence Design Systems data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Invesco Ltd. lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 14.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,416,284 shares of the software maker's stock after buying an additional 296,983 shares during the period. Invesco Ltd. owned about 0.88% of Cadence Design Systems worth $614,534,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Cadence Design Systems by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock valued at $6,698,834,000 after buying an additional 429,955 shares in the last quarter. Jennison Associates LLC increased its position in shares of Cadence Design Systems by 13.2% during the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock valued at $2,305,489,000 after purchasing an additional 1,054,702 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Cadence Design Systems by 10.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker's stock valued at $1,326,912,000 after acquiring an additional 427,418 shares during the period. Northern Trust Corp boosted its holdings in Cadence Design Systems by 16.1% during the 4th quarter. Northern Trust Corp now owns 3,032,957 shares of the software maker's stock valued at $911,282,000 after acquiring an additional 421,507 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Cadence Design Systems by 25.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock valued at $882,655,000 after acquiring an additional 601,834 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Buying and Selling

In related news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the sale, the director directly owned 8,010 shares in the company, valued at approximately $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $358.72, for a total value of $358,720.00. Following the completion of the sale, the vice president owned 104,499 shares in the company, valued at $37,485,881.28. This represents a 0.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,698 shares of company stock worth $1,485,387. Corporate insiders own 0.37% of the company's stock.

Cadence Design Systems Stock Performance

Shares of CDNS traded up $4.52 during trading hours on Tuesday, hitting $353.61. The stock had a trading volume of 1,263,038 shares, compared to its average volume of 1,964,507. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45. The firm has a market capitalization of $96.36 billion, a PE ratio of 95.57, a PEG ratio of 4.58 and a beta of 0.97. The stock has a fifty day moving average price of $321.68 and a 200 day moving average price of $292.87.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the company posted $1.28 earnings per share. The business's quarterly revenue was up 20.2% compared to the same quarter last year. Analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research analyst reports. Mizuho increased their price objective on Cadence Design Systems from $360.00 to $375.00 and gave the stock an "outperform" rating in a report on Tuesday, July 29th. Needham & Company LLC increased their price objective on Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Rosenblatt Securities restated a "neutral" rating and issued a $300.00 target price on shares of Cadence Design Systems in a research note on Friday, July 25th. Finally, Stifel Nicolaus raised their target price on Cadence Design Systems from $350.00 to $395.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $364.33.

Read Our Latest Analysis on CDNS

Cadence Design Systems Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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