Strs Ohio grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 69.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 19,739 shares of the software maker’s stock after buying an additional 8,074 shares during the quarter. Strs Ohio’s holdings in Cadence Design Systems were worth $3,678,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in CDNS. Jacobi Capital Management LLC acquired a new stake in shares of Cadence Design Systems in the third quarter worth about $27,000. Financial Management Professionals Inc. lifted its position in shares of Cadence Design Systems by 1,088.2% in the third quarter. Financial Management Professionals Inc. now owns 202 shares of the software maker’s stock worth $31,000 after buying an additional 185 shares during the last quarter. Bell Investment Advisors Inc acquired a new stake in shares of Cadence Design Systems in the third quarter worth about $35,000. Selective Wealth Management Inc. acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth about $37,000. Finally, Allworth Financial LP lifted its position in shares of Cadence Design Systems by 134.0% in the fourth quarter. Allworth Financial LP now owns 241 shares of the software maker’s stock worth $45,000 after buying an additional 138 shares during the last quarter. 83.85% of the stock is owned by institutional investors.
Several equities analysts recently weighed in on the company. Bank of America boosted their price objective on Cadence Design Systems from $160.00 to $180.00 and gave the stock an “underperform” rating in a research report on Monday, January 10th. JPMorgan Chase & Co. cut their price objective on Cadence Design Systems from $185.00 to $175.00 and set a “neutral” rating for the company in a research report on Wednesday, February 23rd. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Friday, February 25th. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $173.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, February 23rd. Finally, Wells Fargo & Company boosted their price objective on Cadence Design Systems from $190.00 to $205.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Buy” and a consensus price target of $182.62.
Shares of CDNS stock traded down $3.28 during trading hours on Friday, hitting $158.84. The company had a trading volume of 1,274,854 shares, compared to its average volume of 1,973,354. Cadence Design Systems, Inc. has a 12 month low of $118.11 and a 12 month high of $192.70. The firm has a market capitalization of $44.01 billion, a price-to-earnings ratio of 63.79, a PEG ratio of 3.55 and a beta of 1.12. The firm’s fifty day moving average is $148.91 and its 200 day moving average is $163.79. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.65 and a current ratio of 1.77.
Cadence Design Systems (NASDAQ:CDNS – Get Rating) last released its quarterly earnings data on Tuesday, February 22nd. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Cadence Design Systems had a return on equity of 28.70% and a net margin of 23.29%. The company had revenue of $773.04 million for the quarter, compared to analyst estimates of $757.36 million. During the same period in the prior year, the company posted $0.62 EPS. The company’s revenue was up 1.7% compared to the same quarter last year. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 2.92 EPS for the current fiscal year.
In other news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 22nd. The stock was sold at an average price of $134.63, for a total value of $134,630.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Lip Bu Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 18th. The stock was sold at an average price of $154.99, for a total value of $7,749,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 171,979 shares of company stock worth $26,209,988. Corporate insiders own 2.31% of the company’s stock.
Cadence Design Systems Profile (Get Rating)
Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. The company was founded by Alberto Sangiovanni-Vincentelli, Gudmundur A.
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