Van ECK Associates Corp increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 31.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,202,286 shares of the software maker’s stock after purchasing an additional 287,699 shares during the period. Van ECK Associates Corp owned approximately 0.43% of Cadence Design Systems worth $224,046,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in CDNS. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Cadence Design Systems by 31.0% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 293,032 shares of the software maker’s stock valued at $18,610,000 after purchasing an additional 69,373 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in Cadence Design Systems by 32.4% in the 2nd quarter. Thrivent Financial for Lutherans now owns 16,089 shares of the software maker’s stock valued at $2,201,000 after acquiring an additional 3,940 shares in the last quarter. Koshinski Asset Management Inc. bought a new stake in Cadence Design Systems in the 3rd quarter valued at approximately $57,000. Scout Investments Inc. bought a new stake in Cadence Design Systems in the 3rd quarter valued at approximately $6,211,000. Finally, Great Valley Advisor Group Inc. bought a new stake in Cadence Design Systems in the 3rd quarter valued at approximately $293,000. Institutional investors and hedge funds own 83.85% of the company’s stock.
Shares of CDNS stock traded down $3.28 during trading on Friday, reaching $158.84. 1,274,854 shares of the company’s stock were exchanged, compared to its average volume of 1,973,354. The company has a quick ratio of 1.65, a current ratio of 1.77 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $44.01 billion, a PE ratio of 63.79, a PEG ratio of 3.55 and a beta of 1.12. Cadence Design Systems, Inc. has a twelve month low of $118.11 and a twelve month high of $192.70. The firm’s fifty day moving average price is $148.91 and its 200-day moving average price is $163.81.
Cadence Design Systems (NASDAQ:CDNS – Get Rating) last posted its earnings results on Tuesday, February 22nd. The software maker reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. The business had revenue of $773.04 million for the quarter, compared to analyst estimates of $757.36 million. Cadence Design Systems had a return on equity of 28.70% and a net margin of 23.29%. The firm’s revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.62 EPS. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 2.92 EPS for the current fiscal year.
In other Cadence Design Systems news, Chairman Lip Bu Tan sold 50,000 shares of the company’s stock in a transaction 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Aneel Zaman sold 12,479 shares of the company’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $152.05, for a total value of $1,897,431.95. The disclosure for this sale can be found here. Insiders have sold a total of 171,979 shares of company stock worth $26,209,988 over the last three months. 2.31% of the stock is owned by insiders.
CDNS has been the topic of several research reports. Berenberg Bank upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Wednesday, February 23rd. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Friday, February 25th. Rosenblatt Securities boosted their target price on Cadence Design Systems from $173.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, February 23rd. JPMorgan Chase & Co. cut their target price on Cadence Design Systems from $185.00 to $175.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 23rd. Finally, Wells Fargo & Company boosted their target price on Cadence Design Systems from $190.00 to $205.00 and gave the company an “overweight” rating in a research note on Tuesday, December 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $182.62.
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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