Meadow Creek Investment Management LLC reduced its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 3.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,184 shares of the software maker’s stock after selling 2,108 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Cadence Design Systems were worth $4,757,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC purchased a new position in Cadence Design Systems during the 2nd quarter worth $26,000. Altshuler Shaham Ltd increased its position in shares of Cadence Design Systems by 109.2% in the second quarter. Altshuler Shaham Ltd now owns 385 shares of the software maker’s stock valued at $27,000 after buying an additional 201 shares in the last quarter. Next Capital Management LLC purchased a new stake in shares of Cadence Design Systems in the 2nd quarter worth about $29,000. CWM LLC raised its position in Cadence Design Systems by 217.9% during the second quarter. CWM LLC now owns 445 shares of the software maker’s stock worth $32,000 after acquiring an additional 305 shares during the last quarter. Finally, Harvest Group Wealth Management LLC acquired a new position in Cadence Design Systems during the first quarter worth about $37,000. Institutional investors and hedge funds own 86.68% of the company’s stock.
CDNS has been the subject of a number of recent research reports. DA Davidson raised their price objective on shares of Cadence Design Systems to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Wells Fargo & Co initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, May 14th. They set a “market perform” rating on the stock. BidaskClub lowered shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 3rd. ValuEngine downgraded Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 1st. Finally, Needham & Company LLC upped their price target on shares of Cadence Design Systems to $76.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $67.25.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The firm had revenue of $580.42 million for the quarter, compared to analyst estimates of $579.41 million. Cadence Design Systems had a return on equity of 31.86% and a net margin of 18.83%. The firm’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. On average, equities research analysts forecast that Cadence Design Systems Inc will post 1.48 earnings per share for the current fiscal year.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 40,000 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $67.80, for a total value of $2,712,000.00. Following the completion of the transaction, the chief executive officer now owns 899,852 shares in the company, valued at approximately $61,009,965.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Aneel Zaman sold 523 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $72.78, for a total transaction of $38,063.94. Following the completion of the sale, the insider now owns 246,114 shares in the company, valued at approximately $17,912,176.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 168,936 shares of company stock worth $11,956,304. 2.34% of the stock is currently owned by insiders.
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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