O Shaughnessy Asset Management LLC reduced its stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 72.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 78,528 shares of the software maker’s stock after selling 209,099 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Cadence Design Systems were worth $3,414,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Oregon Public Employees Retirement Fund grew its position in shares of Cadence Design Systems by 3,809.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,691,151 shares of the software maker’s stock valued at $62,000 after purchasing an additional 2,622,317 shares during the last quarter. Parnassus Investments CA grew its position in shares of Cadence Design Systems by 13.4% in the fourth quarter. Parnassus Investments CA now owns 14,392,128 shares of the software maker’s stock valued at $625,770,000 after purchasing an additional 1,697,043 shares during the last quarter. Man Group plc boosted its position in Cadence Design Systems by 136.0% during the third quarter. Man Group plc now owns 2,630,238 shares of the software maker’s stock worth $119,202,000 after acquiring an additional 1,515,633 shares during the last quarter. Wedge Capital Management L L P NC acquired a new stake in Cadence Design Systems during the fourth quarter worth approximately $41,166,000. Finally, Bank of Montreal Can boosted its position in Cadence Design Systems by 114.0% during the fourth quarter. Bank of Montreal Can now owns 1,773,512 shares of the software maker’s stock worth $77,112,000 after acquiring an additional 944,900 shares during the last quarter. Institutional investors own 87.72% of the company’s stock.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction dated Thursday, January 31st. The shares were sold at an average price of $48.05, for a total transaction of $4,805,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Roger S. Siboni sold 13,500 shares of the business’s stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $57.10, for a total transaction of $770,850.00. Following the sale, the director now owns 47,479 shares in the company, valued at $2,711,050.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 186,708 shares of company stock worth $9,189,834. 2.28% of the stock is currently owned by insiders.
CDNS has been the topic of a number of analyst reports. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, November 20th. They set a “hold” rating and a $50.00 target price on the stock. BidaskClub upgraded shares of Cadence Design Systems from a “sell” rating to a “hold” rating in a research report on Friday, November 23rd. Zacks Investment Research lowered shares of Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 31st. DA Davidson raised their target price on shares of Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, February 20th. Finally, Needham & Company LLC raised their target price on shares of Cadence Design Systems to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 20th. Three analysts have rated the stock with a hold rating, four have given a buy rating and three have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $54.38.
NASDAQ CDNS opened at $58.54 on Tuesday. Cadence Design Systems Inc has a one year low of $35.49 and a one year high of $58.88. The company has a quick ratio of 1.58, a current ratio of 1.34 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $15.96 billion, a PE ratio of 47.59, a price-to-earnings-growth ratio of 3.30 and a beta of 1.06.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Tuesday, February 19th. The software maker reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.06. The firm had revenue of $569.90 million for the quarter, compared to the consensus estimate of $550.22 million. Cadence Design Systems had a net margin of 16.17% and a return on equity of 28.36%. Cadence Design Systems’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period last year, the firm posted $0.39 EPS. Equities analysts forecast that Cadence Design Systems Inc will post 1.4 EPS for the current year.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.
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