Oregon Public Employees Retirement Fund boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 91.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 191,918 shares of the software maker’s stock after buying an additional 91,560 shares during the period. Oregon Public Employees Retirement Fund owned approximately 0.07% of Cadence Design Systems worth $6,427,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. increased its position in Cadence Design Systems by 6,398.5% in the first quarter. BlackRock Inc. now owns 26,541,567 shares of the software maker’s stock valued at $833,406,000 after buying an additional 26,133,138 shares in the last quarter. Vanguard Group Inc. increased its position in Cadence Design Systems by 1.1% in the first quarter. Vanguard Group Inc. now owns 23,972,591 shares of the software maker’s stock valued at $752,740,000 after buying an additional 264,529 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Cadence Design Systems by 48.1% in the first quarter. Goldman Sachs Group Inc. now owns 4,771,026 shares of the software maker’s stock valued at $149,811,000 after buying an additional 1,549,905 shares in the last quarter. Pictet Asset Management Ltd. increased its position in Cadence Design Systems by 11.6% in the first quarter. Pictet Asset Management Ltd. now owns 4,083,484 shares of the software maker’s stock valued at $128,221,000 after buying an additional 423,959 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Cadence Design Systems by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 3,279,262 shares of the software maker’s stock valued at $102,967,000 after buying an additional 69,677 shares in the last quarter. 86.46% of the stock is owned by hedge funds and other institutional investors.
Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) traded down 0.338% during trading on Monday, hitting $36.885. The stock had a trading volume of 389,511 shares. The firm has a market cap of $10.34 billion, a price-to-earnings ratio of 42.890 and a beta of 0.93. The stock has a 50-day moving average of $34.55 and a 200 day moving average of $31.95. Cadence Design Systems, Inc. has a 12-month low of $23.83 and a 12-month high of $37.51.
Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. The business had revenue of $479 million during the quarter, compared to analyst estimates of $476.21 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.29 earnings per share. On average, analysts predict that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.
A number of analysts have issued reports on CDNS shares. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Thursday. Bank of America Corporation raised their target price on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. BidaskClub downgraded Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Royal Bank Of Canada reissued a “buy” rating on shares of Cadence Design Systems in a research report on Friday, July 7th. Finally, DA Davidson downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $33.67.
In other news, insider Thomas P. Beckley sold 56,250 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the sale, the insider now directly owns 322,734 shares in the company, valued at approximately $11,295,690. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Aneel Zaman sold 29,406 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $32.62, for a total value of $959,223.72. Following the completion of the sale, the insider now owns 247,495 shares in the company, valued at $8,073,286.90. The disclosure for this sale can be found here. Insiders sold 434,656 shares of company stock valued at $14,786,334 in the last three months. 2.55% of the stock is currently owned by company insiders.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
Receive News & Ratings for Cadence Design Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.
