Prudential Financial Inc. Reduces Holdings in Cadence Design Systems, Inc. (CDNS)

Prudential Financial Inc. cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 29.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,222,507 shares of the software maker’s stock after selling 499,134 shares during the quarter. Prudential Financial Inc. owned about 0.44% of Cadence Design Systems worth $48,253,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Cadence Design Systems by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 24,488,691 shares of the software maker’s stock worth $820,127,000 after buying an additional 516,100 shares during the period. Janus Henderson Group PLC raised its holdings in Cadence Design Systems by 73,454.0% during the 2nd quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock worth $693,303,000 after buying an additional 20,673,635 shares during the period. State Street Corp raised its holdings in Cadence Design Systems by 1.2% during the 2nd quarter. State Street Corp now owns 9,105,421 shares of the software maker’s stock worth $304,935,000 after buying an additional 108,305 shares during the period. Pictet Asset Management Ltd. raised its holdings in Cadence Design Systems by 2.7% during the 2nd quarter. Pictet Asset Management Ltd. now owns 4,191,828 shares of the software maker’s stock worth $147,301,000 after buying an additional 108,344 shares during the period. Finally, APG Asset Management N.V. raised its holdings in Cadence Design Systems by 20,049.7% during the 3rd quarter. APG Asset Management N.V. now owns 3,667,241 shares of the software maker’s stock worth $144,746,000 after buying an additional 3,649,041 shares during the period. Hedge funds and other institutional investors own 84.59% of the company’s stock.

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Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at $44.04 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.72 and a current ratio of 1.79. Cadence Design Systems, Inc. has a 12 month low of $24.15 and a 12 month high of $44.67. The firm has a market capitalization of $12,296.78, a PE ratio of 46.83, a price-to-earnings-growth ratio of 3.43 and a beta of 0.94.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. The company had revenue of $485.40 million for the quarter, compared to analysts’ expectations of $481.10 million. During the same quarter in the previous year, the business posted $0.30 EPS. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. equities research analysts forecast that Cadence Design Systems, Inc. will post 1.06 earnings per share for the current year.

Several research firms have issued reports on CDNS. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. Royal Bank Of Canada boosted their price objective on Cadence Design Systems from $36.00 to $39.00 and gave the stock an “outperform” rating in a report on Tuesday, July 25th. Zacks Investment Research downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Friday, July 28th. DA Davidson boosted their price objective on Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. Finally, Credit Suisse Group restated an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $40.60.

In other Cadence Design Systems news, Director Roger S. Siboni sold 18,000 shares of Cadence Design Systems stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $43.14, for a total transaction of $776,520.00. Following the transaction, the director now owns 52,194 shares of the company’s stock, valued at approximately $2,251,649.16. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $37.18, for a total value of $3,718,000.00. Following the transaction, the chief executive officer now directly owns 583,332 shares in the company, valued at approximately $21,688,283.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 278,786 shares of company stock worth $10,962,920. Company insiders own 2.55% of the company’s stock.

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).

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

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