Vanguard Group Inc. increased its position in Cadence Design Systems Inc. (NASDAQ:CDNS) by 4.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,490,462 shares of the company’s stock after buying an additional 983,954 shares during the period. Vanguard Group Inc. owned about 8.04% of Cadence Design Systems worth $570,818,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in Cadence Design Systems by 31.5% in the first quarter. JPMorgan Chase & Co. now owns 1,048,203 shares of the company’s stock worth $24,717,000 after buying an additional 250,953 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Cadence Design Systems by 3.6% in the first quarter. Massmutual Trust Co. FSB ADV now owns 14,373 shares of the company’s stock worth $339,000 after buying an additional 504 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Cadence Design Systems by 2.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 8,541,877 shares of the company’s stock worth $201,417,000 after buying an additional 164,603 shares in the last quarter. BlackRock Group LTD increased its stake in Cadence Design Systems by 82.9% in the first quarter. BlackRock Group LTD now owns 381,742 shares of the company’s stock worth $9,001,000 after buying an additional 173,043 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Cadence Design Systems by 27.8% in the first quarter. BlackRock Inc. now owns 134,863 shares of the company’s stock worth $3,181,000 after buying an additional 29,311 shares in the last quarter. 85.57% of the stock is currently owned by institutional investors.
Shares of Cadence Design Systems Inc. (NASDAQ:CDNS) opened at 25.53 on Friday. Cadence Design Systems Inc. has a one year low of $18.32 and a one year high of $26.24. The firm’s 50-day moving average price is $25.08 and its 200 day moving average price is $24.36. The stock has a market cap of $7.46 billion, a P/E ratio of 30.25 and a beta of 1.05.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 25th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The company had revenue of $453 million for the quarter, compared to analysts’ expectations of $449.54 million. Cadence Design Systems had a return on equity of 21.48% and a net margin of 14.52%. The firm’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.27 earnings per share. Equities research analysts expect that Cadence Design Systems Inc. will post $1.20 EPS for the current fiscal year.
A number of equities research analysts have commented on CDNS shares. Royal Bank Of Canada started coverage on Cadence Design Systems in a research report on Monday, June 6th. They issued an “outperform” rating and a $29.00 target price on the stock. Needham & Company LLC downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, June 14th. They noted that the move was a valuation call. Bank of America Corp. restated a “buy” rating and issued a $30.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 26th. Finally, RBC Capital Markets reiterated an “outperform” rating and issued a $29.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 26th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Cadence Design Systems presently has a consensus rating of “Buy” and a consensus target price of $25.86.
In other Cadence Design Systems news, insider Thomas P. Beckley sold 58,646 shares of the company’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $25.00, for a total value of $1,466,150.00. Following the transaction, the insider now owns 305,048 shares of the company’s stock, valued at $7,626,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Anirudh Devgan sold 130,000 shares of the company’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $24.85, for a total value of $3,230,500.00. Following the completion of the transaction, the insider now directly owns 424,707 shares in the company, valued at approximately $10,553,968.95. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.
About Cadence Design Systems
Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.
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