ProShare Advisors LLC grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 291,543 shares of the software maker’s stock after purchasing an additional 40,714 shares during the period. ProShare Advisors LLC’s holdings in Cadence Design Systems were worth $39,775,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Catalyst Capital Advisors LLC bought a new position in Cadence Design Systems in the 4th quarter worth about $27,000. International Assets Investment Management LLC bought a new position in Cadence Design Systems in the 4th quarter worth about $28,000. Avion Wealth bought a new position in Cadence Design Systems in the 4th quarter worth about $43,000. CX Institutional grew its position in Cadence Design Systems by 52.1% in the 4th quarter. CX Institutional now owns 365 shares of the software maker’s stock worth $50,000 after purchasing an additional 125 shares during the last quarter. Finally, NuWave Investment Management LLC bought a new position in Cadence Design Systems in the 3rd quarter worth about $53,000. Hedge funds and other institutional investors own 83.86% of the company’s stock.
CDNS stock opened at $133.16 on Tuesday. Cadence Design Systems, Inc. has a 12 month low of $51.39 and a 12 month high of $149.08. The firm has a market cap of $37.14 billion, a PE ratio of 34.59, a P/E/G ratio of 4.64 and a beta of 1.05. The firm has a 50 day simple moving average of $136.95 and a 200 day simple moving average of $119.52. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.55 and a quick ratio of 1.51.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Sunday, February 21st. The software maker reported $0.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.09. Cadence Design Systems had a net margin of 42.68% and a return on equity of 48.31%. The business had revenue of $759.10 million during the quarter, compared to the consensus estimate of $731.31 million. During the same quarter in the prior year, the firm earned $0.54 EPS. The firm’s quarterly revenue was up 26.6% on a year-over-year basis. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 2.02 earnings per share for the current year.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 50,000 shares of the stock in a transaction on Tuesday, February 16th. The shares were sold at an average price of $147.09, for a total value of $7,354,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Anirudh Devgan sold 5,634 shares of the stock in a transaction on Wednesday, February 17th. The shares were sold at an average price of $143.16, for a total transaction of $806,563.44. Following the completion of the sale, the president now directly owns 299,234 shares of the company’s stock, valued at $42,838,339.44. The disclosure for this sale can be found here. Insiders sold a total of 155,300 shares of company stock worth $21,171,858 over the last quarter. 2.58% of the stock is currently owned by company insiders.
Several research firms have recently issued reports on CDNS. Needham & Company LLC increased their price objective on shares of Cadence Design Systems from $126.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday. Royal Bank of Canada increased their price objective on shares of Cadence Design Systems from $127.00 to $160.00 and gave the company an “outperform” rating in a report on Tuesday. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $122.00 to $145.00 in a report on Wednesday, December 9th. KeyCorp increased their price objective on shares of Cadence Design Systems from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Tuesday, February 16th. Finally, Bank of America cut shares of Cadence Design Systems from a “buy” rating to an “underperform” rating in a report on Monday, January 11th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $129.83.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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 logic simulation platform; Palladium, an emulation platform; and Protium, a prototyping platform for chip verification.
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