California Public Employees Retirement System boosted its stake in Cadence Design Systems Inc (NASDAQ:CDNS) by 2.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 648,730 shares of the software maker’s stock after purchasing an additional 17,954 shares during the period. California Public Employees Retirement System’s holdings in Cadence Design Systems were worth $27,130,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Cerebellum GP LLC bought a new position in Cadence Design Systems in the 4th quarter valued at approximately $123,000. Advisor Group Inc. lifted its stake in Cadence Design Systems by 151.4% in the 3rd quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock valued at $165,000 after purchasing an additional 2,505 shares during the last quarter. Dupont Capital Management Corp bought a new position in Cadence Design Systems in the 3rd quarter valued at approximately $170,000. Parkwood LLC bought a new position in Cadence Design Systems in the 3rd quarter valued at approximately $201,000. Finally, Coldstream Capital Management Inc. bought a new position in Cadence Design Systems in the 3rd quarter valued at approximately $207,000. 84.91% of the stock is owned by institutional investors and hedge funds.
In other Cadence Design Systems news, VP James J. Cowie sold 35,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $42.75, for a total value of $1,496,250.00. Following the completion of the transaction, the vice president now directly owns 117,082 shares in the company, valued at approximately $5,005,255.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO John M. Wall sold 750 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $43.69, for a total transaction of $32,767.50. Following the completion of the transaction, the chief financial officer now owns 110,073 shares of the company’s stock, valued at $4,809,089.37. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 256,776 shares of company stock valued at $11,313,793. Corporate insiders own 2.55% of the company’s stock.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Wednesday, January 31st. The software maker reported $0.39 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.39. Cadence Design Systems had a net margin of 10.50% and a return on equity of 31.28%. The firm had revenue of $501.70 million during the quarter, compared to analysts’ expectations of $496.20 million. During the same period in the prior year, the company posted $0.34 EPS. The company’s revenue was up 7.0% on a year-over-year basis. equities research analysts predict that Cadence Design Systems Inc will post 0.85 earnings per share for the current year.
Several equities analysts recently commented on the stock. KeyCorp reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. BidaskClub raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, January 10th. Credit Suisse Group restated a “neutral” rating and issued a $43.00 price target (up from $37.00) on shares of Cadence Design Systems in a research report on Thursday, February 1st. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Wednesday, November 1st. Finally, DA Davidson upped their price target on shares of Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $44.20.
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).
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