Great West Life Assurance Co. Can decreased its position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 1.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 189,011 shares of the software maker’s stock after selling 2,724 shares during the period. Great West Life Assurance Co. Can’s holdings in Cadence Design Systems were worth $7,821,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in CDNS. CIBC Asset Management Inc increased its holdings in Cadence Design Systems by 1.6% during the 4th quarter. CIBC Asset Management Inc now owns 38,324 shares of the software maker’s stock valued at $1,666,000 after purchasing an additional 591 shares during the period. NumerixS Investment Technologies Inc boosted its position in shares of Cadence Design Systems by 46.3% in the 4th quarter. NumerixS Investment Technologies Inc now owns 6,000 shares of the software maker’s stock worth $260,000 after purchasing an additional 1,900 shares in the last quarter. Employees Retirement System of Texas boosted its position in shares of Cadence Design Systems by 9.4% in the 4th quarter. Employees Retirement System of Texas now owns 93,000 shares of the software maker’s stock worth $4,044,000 after purchasing an additional 8,000 shares in the last quarter. Northern Trust Corp boosted its position in shares of Cadence Design Systems by 3.6% in the 4th quarter. Northern Trust Corp now owns 3,403,417 shares of the software maker’s stock worth $147,980,000 after purchasing an additional 117,103 shares in the last quarter. Finally, Tibra Equities Europe Ltd bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $1,252,000. Hedge funds and other institutional investors own 86.89% of the company’s stock.
A number of brokerages have recently commented on CDNS. Needham & Company LLC boosted their price target on Cadence Design Systems from $60.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday. ValuEngine raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 23rd. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $63.00 price objective on the stock in a research report on Friday, February 22nd. DA Davidson upped their price objective on Cadence Design Systems to $62.00 and gave the company a “buy” rating in a research report on Wednesday, February 20th. Finally, BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 15th. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and three have issued a strong buy rating to the stock. Cadence Design Systems has an average rating of “Buy” and a consensus price target of $54.88.
CDNS stock opened at $61.16 on Friday. The company has a market capitalization of $17.01 billion, a P/E ratio of 49.72, a price-to-earnings-growth ratio of 3.61 and a beta of 1.10. Cadence Design Systems Inc has a 12-month low of $35.49 and a 12-month high of $61.43. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 19th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $569.90 million during the quarter, compared to analyst estimates of $550.22 million. Cadence Design Systems had a net margin of 16.17% and a return on equity of 28.36%. The company’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 EPS. As a group, analysts forecast that Cadence Design Systems Inc will post 1.4 EPS for the current year.
In other Cadence Design Systems news, insider Thomas P. Beckley sold 23,208 shares of the business’s stock in a transaction on Thursday, January 31st. The shares were sold at an average price of $48.00, for a total transaction of $1,113,984.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Surendra Babu Mandava sold 3,306 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $58.46, for a total transaction of $193,268.76. Following the sale, the vice president now owns 232,518 shares of the company’s stock, valued at $13,593,002.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 232,953 shares of company stock valued at $11,907,228. Company insiders own 2.28% of the company’s stock.
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Cadence Design Systems 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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