Resona Asset Management Co. Ltd. lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 7.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,467 shares of the software maker's stock after buying an additional 6,485 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Cadence Design Systems were worth $23,550,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of CDNS. Vanguard Group Inc. increased its stake in Cadence Design Systems by 1.7% during the first quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock worth $6,698,834,000 after acquiring an additional 429,955 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Cadence Design Systems by 13.2% in the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock worth $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 raised its stake 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 in the last quarter. Northern Trust Corp increased its position in shares of 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 purchasing an additional 421,507 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Cadence Design Systems by 25.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock worth $882,655,000 after acquiring an additional 601,834 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.
Cadence Design Systems Price Performance
Cadence Design Systems stock traded up $0.96 during midday trading on Friday, reaching $349.88. The company's stock had a trading volume of 1,567,384 shares, compared to its average volume of 2,055,325. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. The stock's 50 day simple moving average is $324.89 and its 200 day simple moving average is $294.01. The firm has a market capitalization of $95.34 billion, a PE ratio of 94.56, a P/E/G ratio of 4.58 and a beta of 0.97. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.09. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.28 EPS. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Several research firms have commented on CDNS. Stifel Nicolaus upped their price target on Cadence Design Systems from $350.00 to $395.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. KeyCorp raised their price objective on Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Rosenblatt Securities reiterated a "neutral" rating and set a $300.00 target price on shares of Cadence Design Systems in a report on Friday, July 25th. Mizuho upped their price objective on Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a research note on Tuesday, July 29th. Finally, Robert W. Baird boosted their price objective on Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus target price of $364.33.
View Our Latest Research Report on Cadence Design Systems
Insider Transactions at Cadence Design Systems
In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $358.72, for a total value of $358,720.00. Following the transaction, the vice president directly owned 104,499 shares of the company's stock, valued at $37,485,881.28. This represents a 0.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were 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. This represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,830 shares of company stock valued at $1,207,671 in the last quarter. Company insiders own 1.99% of the company's stock.
About Cadence Design Systems
(
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.
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