Westpac Banking Corp increased its stake in Cadence Design Systems Inc. (NASDAQ:CDNS) by 171.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,085 shares of the company’s stock after buying an additional 14,572 shares during the period. Westpac Banking Corp’s holdings in Cadence Design Systems were worth $508,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. bought a new position in Cadence Design Systems during the second quarter valued at approximately $168,000. Mn Services Vermogensbeheer B.V. acquired a new stake in shares of Cadence Design Systems during the second quarter valued at $168,000. Penserra Capital Management LLC acquired a new stake in shares of Cadence Design Systems during the second quarter valued at $169,000. Strs Ohio acquired a new stake in shares of Cadence Design Systems during the second quarter valued at $183,000. Finally, Acrospire Investment Management LLC acquired a new stake in shares of Cadence Design Systems during the first quarter valued at $200,000. 85.57% of the stock is currently owned by hedge funds and other institutional investors.
Cadence Design Systems Inc. (NASDAQ:CDNS) traded down 0.530% on Thursday, hitting $25.335. 95,601 shares of the stock were exchanged. The firm has a market cap of $7.41 billion, a PE ratio of 30.018 and a beta of 1.14. The stock’s 50 day moving average price is $25.15 and its 200 day moving average price is $24.43. Cadence Design Systems Inc. has a 52-week low of $18.32 and a 52-week high of $26.24.
Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 25th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. The firm earned $453 million during 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.27 earnings per share. Equities research analysts forecast that Cadence Design Systems Inc. will post $1.20 earnings per share for the current year.
Several equities research analysts recently weighed in on the stock. RBC Capital Markets restated an “outperform” rating and issued a $29.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 26th. Bank of America Corp. restated a “buy” rating and issued a $30.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 26th. Finally, Needham & Company LLC cut shares of 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. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. 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 business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 305,048 shares in the company, valued at $7,626,200. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Lip Bu Tan sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $25.59, for a total value of $639,750.00. Following the completion of the sale, the chief executive officer now owns 512,498 shares of the company’s stock, valued at approximately $13,114,823.82. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
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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