Greenleaf Trust raised its position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 8.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,746 shares of the software maker’s stock after acquiring an additional 810 shares during the period. Greenleaf Trust’s holdings in Cadence Design Systems were worth $467,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the business. M&T Bank Corp grew its position in Cadence Design Systems by 1.2% during the fourth quarter. M&T Bank Corp now owns 17,805 shares of the software maker’s stock valued at $775,000 after acquiring an additional 213 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Cadence Design Systems by 1.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 76,295 shares of the software maker’s stock worth $3,317,000 after buying an additional 767 shares during the period. North Star Investment Management Corp. boosted its position in shares of Cadence Design Systems by 80.8% in the fourth quarter. North Star Investment Management Corp. now owns 1,835 shares of the software maker’s stock worth $80,000 after buying an additional 820 shares during the period. JNBA Financial Advisors purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth about $39,000. Finally, Psagot Investment House Ltd. boosted its position in shares of Cadence Design Systems by 52.4% in the third quarter. Psagot Investment House Ltd. now owns 3,262 shares of the software maker’s stock worth $148,000 after buying an additional 1,121 shares during the period. 87.72% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently weighed in on CDNS. Zacks Investment Research downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Monday, February 4th. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 15th. DA Davidson upped their target price on Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research report on Wednesday. Needham & Company LLC upped their target price on Cadence Design Systems to $60.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, November 20th. They issued a “hold” rating and a $50.00 target price for the company. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $53.75.
In related news, Director John B. Shoven sold 50,000 shares of the stock in a transaction dated Tuesday, February 5th. The stock was sold at an average price of $50.00, for a total value of $2,500,000.00. Following the completion of the transaction, the director now owns 152,120 shares of the company’s stock, valued at $7,606,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction dated Thursday, January 31st. The shares were sold at an average price of $48.05, for a total value of $4,805,000.00. The disclosure for this sale can be found here. Insiders sold 173,208 shares of company stock valued at $8,418,984 in the last three months. 2.28% of the stock is currently owned by company insiders.
Shares of NASDAQ CDNS opened at $55.40 on Friday. Cadence Design Systems Inc has a 1-year low of $35.49 and a 1-year high of $57.25. 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 $15.54 billion, a PE ratio of 44.77, a P/E/G ratio of 3.33 and a beta of 1.06.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 19th. The software maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $569.90 million during the quarter, compared to the consensus estimate of $550.22 million. Cadence Design Systems had a return on equity of 28.36% and a net margin of 16.17%. Cadence Design Systems’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.39 earnings per share. On average, research analysts anticipate that Cadence Design Systems Inc will post 1.38 EPS for the current fiscal year.
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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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