Great Lakes Advisors LLC boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 8.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,213 shares of the software maker’s stock after purchasing an additional 1,378 shares during the period. Great Lakes Advisors LLC’s holdings in Cadence Design Systems were worth $4,037,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in CDNS. Bank Julius Baer & Co. Ltd Zurich increased its holdings in Cadence Design Systems by 98,001.8% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 714,378,920 shares of the software maker’s stock worth $167,536,144,000 after purchasing an additional 713,650,718 shares in the last quarter. Norges Bank bought a new position in Cadence Design Systems in the 4th quarter valued at approximately $770,945,000. Alliancebernstein L.P. grew its holdings in Cadence Design Systems by 620.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock worth $474,579,000 after acquiring an additional 2,543,966 shares during the last quarter. Jennison Associates LLC increased its position in Cadence Design Systems by 33.8% in the 2nd quarter. Jennison Associates LLC now owns 6,483,146 shares of the software maker’s stock valued at $1,520,427,000 after acquiring an additional 1,637,860 shares during the period. Finally, Moneta Group Investment Advisors LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter worth $227,854,000. Institutional investors and hedge funds own 83.95% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts have commented on CDNS shares. Rosenblatt Securities lifted their target price on Cadence Design Systems from $250.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, October 19th. KeyCorp boosted their price target on shares of Cadence Design Systems from $270.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, September 14th. Morgan Stanley began coverage on shares of Cadence Design Systems in a report on Friday, November 10th. They issued an “equal weight” rating and a $260.00 target price on the stock. Bank of America increased their price target on Cadence Design Systems from $285.00 to $305.00 in a report on Tuesday, October 10th. Finally, StockNews.com started coverage on Cadence Design Systems in a research report on Thursday, October 5th. They set a “buy” rating on the stock. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $264.50.
Insider Activity at Cadence Design Systems
In other Cadence Design Systems news, CFO John M. Wall sold 1,250 shares of the business’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $255.00, for a total value of $318,750.00. Following the transaction, the chief financial officer now owns 85,375 shares of the company’s stock, valued at $21,770,625. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Chin-Chi Teng sold 7,500 shares of Cadence Design Systems stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $234.53, for a total value of $1,758,975.00. Following the completion of the sale, the vice president now owns 116,679 shares of the company’s stock, valued at approximately $27,364,725.87. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO John M. Wall sold 1,250 shares of the stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $255.00, for a total transaction of $318,750.00. Following the transaction, the chief financial officer now owns 85,375 shares of the company’s stock, valued at approximately $21,770,625. The disclosure for this sale can be found here. Insiders have sold 21,279 shares of company stock valued at $5,049,575 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.
Cadence Design Systems Price Performance
Shares of NASDAQ CDNS opened at $270.25 on Tuesday. The stock has a market cap of $73.52 billion, a price-to-earnings ratio of 76.99, a PEG ratio of 3.31 and a beta of 1.04. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.31 and a current ratio of 1.44. Cadence Design Systems, Inc. has a fifty-two week low of $154.88 and a fifty-two week high of $274.32. The firm’s 50-day simple moving average is $244.24 and its 200 day simple moving average is $234.26.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last announced its earnings results on Monday, October 23rd. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.06. Cadence Design Systems had a return on equity of 34.64% and a net margin of 24.42%. The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the previous year, the firm earned $0.79 earnings per share. Cadence Design Systems’s quarterly revenue was up 13.3% on a year-over-year basis. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 4.13 earnings per share for the current fiscal year.
About Cadence Design Systems
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 enterprise emulation platform; and Protium, a prototyping platform for chip verification.
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