Cadence Design Systems Inc (NASDAQ:CDNS) Shares Purchased by Legal & General Group Plc

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Legal & General Group Plc boosted its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 5.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,448,114 shares of the software maker’s stock after purchasing an additional 130,691 shares during the period. Legal & General Group Plc owned approximately 0.87% of Cadence Design Systems worth $162,211,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. OmniStar Financial Group Inc. lifted its position in Cadence Design Systems by 2.3% in the first quarter. OmniStar Financial Group Inc. now owns 5,557 shares of the software maker’s stock worth $367,000 after purchasing an additional 127 shares during the period. Shine Investment Advisory Services Inc. lifted its position in Cadence Design Systems by 31.1% in the first quarter. Shine Investment Advisory Services Inc. now owns 544 shares of the software maker’s stock worth $36,000 after purchasing an additional 129 shares during the period. Hancock Whitney Corp lifted its position in Cadence Design Systems by 0.9% in the first quarter. Hancock Whitney Corp now owns 16,251 shares of the software maker’s stock worth $1,073,000 after purchasing an additional 145 shares during the period. Twin Capital Management Inc. lifted its position in Cadence Design Systems by 1.3% in the first quarter. Twin Capital Management Inc. now owns 11,620 shares of the software maker’s stock worth $767,000 after purchasing an additional 150 shares during the period. Finally, First Manhattan Co. lifted its position in Cadence Design Systems by 7.8% in the first quarter. First Manhattan Co. now owns 2,155 shares of the software maker’s stock worth $142,000 after purchasing an additional 155 shares during the period. Hedge funds and other institutional investors own 87.02% of the company’s stock.

A number of brokerages have recently commented on CDNS. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research report on Tuesday, March 24th. Credit Suisse Group reiterated a “hold” rating and set a $80.00 price objective on shares of Cadence Design Systems in a research report on Friday, April 17th. Needham & Company LLC reiterated a “buy” rating and set a $86.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, April 21st. UBS Group began coverage on Cadence Design Systems in a research report on Wednesday, May 27th. They set a “neutral” rating and a $91.00 price objective for the company. Finally, ValuEngine upgraded Cadence Design Systems from a “sell” rating to a “hold” rating in a research report on Wednesday, March 11th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $84.33.

In other news, CEO Lip Bu Tan sold 50,000 shares of the company’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $75.54, for a total value of $3,777,000.00. Following the transaction, the chief executive officer now directly owns 802,128 shares of the company’s stock, valued at $60,592,749.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Aneel Zaman sold 49,159 shares of the company’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $82.03, for a total transaction of $4,032,512.77. Following the completion of the sale, the vice president now owns 179,871 shares of the company’s stock, valued at $14,754,818.13. The disclosure for this sale can be found here. Insiders sold 226,144 shares of company stock worth $16,756,645 over the last ninety days. 2.58% of the stock is currently owned by company insiders.

NASDAQ:CDNS traded down $3.23 during trading hours on Thursday, hitting $89.96. 87,563 shares of the stock traded hands, compared to its average volume of 2,205,537. Cadence Design Systems Inc has a fifty-two week low of $51.39 and a fifty-two week high of $94.18. The company has a current ratio of 1.38, a quick ratio of 1.32 and a debt-to-equity ratio of 0.16. The firm has a market cap of $26.02 billion, a price-to-earnings ratio of 26.24, a PEG ratio of 4.55 and a beta of 1.10. The firm has a 50 day moving average price of $84.22 and a 200 day moving average price of $73.21.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 20th. The software maker reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.06. Cadence Design Systems had a net margin of 41.74% and a return on equity of 55.35%. The business had revenue of $618.00 million for the quarter, compared to the consensus estimate of $613.34 million. During the same period in the prior year, the business posted $0.54 earnings per share. Cadence Design Systems’s revenue for the quarter was up 7.1% compared to the same quarter last year. Research analysts predict that Cadence Design Systems Inc will post 1.61 EPS for the current 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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