Aviva PLC lifted its stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 22.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 154,233 shares of the software maker’s stock after purchasing an additional 28,303 shares during the quarter. Aviva PLC owned about 0.06% of Cadence Design Systems worth $10,186,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in CDNS. Amundi Pioneer Asset Management Inc. raised its position in Cadence Design Systems by 31.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 293,032 shares of the software maker’s stock worth $18,610,000 after acquiring an additional 69,373 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $282,000. Advisory Services Network LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $31,000. US Bancorp DE raised its holdings in shares of Cadence Design Systems by 75.1% in the 4th quarter. US Bancorp DE now owns 15,816 shares of the software maker’s stock worth $1,097,000 after purchasing an additional 6,781 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in Cadence Design Systems by 4.5% during the fourth quarter. Rhumbline Advisers now owns 587,009 shares of the software maker’s stock valued at $40,715,000 after purchasing an additional 25,301 shares during the last quarter. Institutional investors and hedge funds own 87.02% of the company’s stock.
In related news, CEO Lip Bu Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $75.54, for a total value of $3,777,000.00. Following the completion of the sale, the chief executive officer now owns 802,128 shares of the company’s stock, valued at approximately $60,592,749.12. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Aneel Zaman sold 49,159 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $82.03, for a total transaction of $4,032,512.77. Following the transaction, the vice president now directly owns 179,871 shares in the company, valued at approximately $14,754,818.13. The disclosure for this sale can be found here. In the last three months, insiders have sold 226,144 shares of company stock valued at $16,756,645. Insiders own 2.58% of the company’s stock.
Several research firms have issued reports on CDNS. Bank of America raised Cadence Design Systems from a “neutral” rating to a “buy” rating in a report on Wednesday, April 22nd. ValuEngine raised Cadence Design Systems from a “sell” rating to a “hold” rating in a research report on Wednesday, March 11th. BidaskClub lowered Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 6th. UBS Group began coverage on Cadence Design Systems in a report on Wednesday, May 27th. They set a “neutral” rating and a $91.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $86.00 target price on shares of Cadence Design Systems in a report on Tuesday, April 21st. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $84.33.
Shares of CDNS stock traded down $3.41 during trading on Thursday, hitting $89.78. 83,285 shares of the company were exchanged, compared to its average volume of 2,205,537. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.32 and a current ratio of 1.38. The firm has a market capitalization of $26.02 billion, a price-to-earnings ratio of 26.24, a P/E/G ratio of 4.55 and a beta of 1.10. The business’s 50-day simple moving average is $84.22 and its 200 day simple moving average is $73.21. Cadence Design Systems Inc has a twelve month low of $51.39 and a twelve month high of $94.18.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 20th. The software maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.06. The company had revenue of $618.00 million during the quarter, compared to the consensus estimate of $613.34 million. Cadence Design Systems had a net margin of 41.74% and a return on equity of 55.35%. The company’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.54 EPS. On average, equities analysts forecast that Cadence Design Systems Inc will post 1.61 earnings per share for the current fiscal year.
Cadence Design Systems 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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