Korea Investment CORP reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 176,307 shares of the software maker’s stock after selling 9,093 shares during the period. Korea Investment CORP’s holdings in Cadence Design Systems were worth $5,905,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of CDNS. Creative Planning increased its stake in Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock valued at $110,000 after buying an additional 2,323 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in Cadence Design Systems by 0.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,370 shares of the software maker’s stock valued at $200,000 after buying an additional 31 shares in the last quarter. Quantitative Systematic Strategies LLC bought a new stake in Cadence Design Systems during the first quarter valued at approximately $205,000. Janney Capital Management LLC bought a new stake in Cadence Design Systems during the first quarter valued at approximately $225,000. Finally, Atria Investments LLC bought a new stake in Cadence Design Systems during the second quarter valued at approximately $231,000. 86.47% of the stock is owned by institutional investors and hedge funds.
Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at 36.34 on Friday. Cadence Design Systems, Inc. has a 1-year low of $24.03 and a 1-year high of $37.51. The firm’s 50-day moving average price is $35.17 and its 200 day moving average price is $32.66. The stock has a market capitalization of $10.18 billion, a P/E ratio of 42.26 and a beta of 0.94.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.02. The company had revenue of $479 million for the quarter, compared to analysts’ expectations of $476.21 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.29 earnings per share. Analysts expect that Cadence Design Systems, Inc. will post $1.39 EPS for the current fiscal year.
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Several research firms have commented on CDNS. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research note on Thursday, April 27th. Royal Bank Of Canada upped their price objective on Cadence Design Systems from $36.00 to $39.00 and gave the company an “outperform” rating in a research note on Tuesday, July 25th. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 13th. DA Davidson downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 25th. Finally, Bank of America Corporation upped their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $33.67.
In other news, insider Thomas P. Beckley sold 56,250 shares of Cadence Design Systems 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 owns 322,734 shares of the company’s stock, valued at $11,295,690. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $34.04, for a total value of $3,404,000.00. Following the sale, the chief executive officer now directly owns 583,332 shares in the company, valued at approximately $19,856,621.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 434,656 shares of company stock worth $14,786,334. Corporate insiders own 2.55% of the company’s stock.
About Cadence Design Systems
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).
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