MARSHALL WACE ASIA Ltd acquired a new stake in Cadence Design Systems Inc (NASDAQ:CDNS) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 614,496 shares of the software maker’s stock, valued at approximately $39,027,000.
A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc lifted its position in Cadence Design Systems by 1.0% in the third quarter. Vanguard Group Inc now owns 32,476,936 shares of the software maker’s stock worth $1,471,854,000 after purchasing an additional 324,296 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Cadence Design Systems by 1.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 22,865,053 shares of the software maker’s stock worth $994,172,000 after purchasing an additional 272,342 shares during the period. BlackRock Inc. lifted its position in Cadence Design Systems by 0.8% in the first quarter. BlackRock Inc. now owns 20,544,570 shares of the software maker’s stock worth $1,304,786,000 after purchasing an additional 166,387 shares during the period. Geode Capital Management LLC lifted its position in Cadence Design Systems by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 4,535,500 shares of the software maker’s stock worth $196,926,000 after purchasing an additional 235,512 shares during the period. Finally, Northern Trust Corp lifted its position in Cadence Design Systems by 3.6% in the fourth quarter. Northern Trust Corp now owns 3,403,417 shares of the software maker’s stock worth $147,980,000 after purchasing an additional 117,103 shares during the period. 87.40% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on CDNS shares. Wells Fargo & Co started coverage on Cadence Design Systems in a research report on Tuesday, May 14th. They issued a “market perform” rating for the company. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 30th. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $63.00 price objective for the company in a research note on Friday, February 22nd. ValuEngine upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 23rd. Finally, DA Davidson increased their price objective on Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, February 20th. Five analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. Cadence Design Systems presently has a consensus rating of “Buy” and a consensus price target of $59.44.
In other Cadence Design Systems news, insider Aneel Zaman sold 66,808 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $61.77, for a total transaction of $4,126,730.16. Following the transaction, the insider now owns 285,961 shares of the company’s stock, valued at approximately $17,663,810.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Surendra Babu Mandava sold 4,235 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $64.87, for a total value of $274,724.45. Following the transaction, the insider now directly owns 305,888 shares in the company, valued at approximately $19,842,954.56. The disclosure for this sale can be found here. In the last three months, insiders sold 211,645 shares of company stock worth $13,625,475. 2.34% of the stock is owned by insiders.
Shares of NASDAQ:CDNS traded down $0.69 during trading on Friday, hitting $67.41. 56,408 shares of the company’s stock traded hands, compared to its average volume of 2,439,866. Cadence Design Systems Inc has a 52 week low of $39.08 and a 52 week high of $70.49. The stock has a market capitalization of $19.49 billion, a PE ratio of 54.79, a price-to-earnings-growth ratio of 4.31 and a beta of 1.15. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.45 and a quick ratio of 1.39.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.08. Cadence Design Systems had a return on equity of 30.86% and a net margin of 17.91%. The business had revenue of $577.00 million for the quarter, compared to analyst estimates of $569.34 million. During the same quarter last year, the firm earned $0.40 EPS. Cadence Design Systems’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems Inc will post 1.46 earnings per share 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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