Prime Capital Investment Advisors LLC Makes New $35,000 Investment in Cadence Design Systems Inc (NASDAQ:CDNS)

Prime Capital Investment Advisors LLC bought a new position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 530 shares of the software maker’s stock, valued at approximately $35,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. BlackRock Inc. grew its holdings in Cadence Design Systems by 11.0% during the 2nd quarter. BlackRock Inc. now owns 22,809,519 shares of the software maker’s stock valued at $1,615,142,000 after purchasing an additional 2,264,949 shares in the last quarter. AQR Capital Management LLC boosted its stake in Cadence Design Systems by 49.3% during the 2nd quarter. AQR Capital Management LLC now owns 6,280,165 shares of the software maker’s stock valued at $440,805,000 after acquiring an additional 2,072,953 shares during the last quarter. Invesco Ltd. boosted its stake in Cadence Design Systems by 5.3% during the 2nd quarter. Invesco Ltd. now owns 5,029,178 shares of the software maker’s stock valued at $356,117,000 after acquiring an additional 255,137 shares during the last quarter. Northern Trust Corp boosted its stake in Cadence Design Systems by 2.6% during the 2nd quarter. Northern Trust Corp now owns 3,483,702 shares of the software maker’s stock valued at $246,682,000 after acquiring an additional 88,828 shares during the last quarter. Finally, AXA boosted its stake in Cadence Design Systems by 7.4% during the 2nd quarter. AXA now owns 2,342,379 shares of the software maker’s stock valued at $165,864,000 after acquiring an additional 160,933 shares during the last quarter. 85.56% of the stock is currently owned by institutional investors.

Shares of Cadence Design Systems stock traded down $0.03 during trading on Thursday, hitting $67.18. The stock had a trading volume of 3,380 shares, compared to its average volume of 1,604,022. The stock has a 50 day simple moving average of $65.79 and a 200 day simple moving average of $68.49. The company has a market capitalization of $18.93 billion, a PE ratio of 54.68, a P/E/G ratio of 4.24 and a beta of 1.16. The company has a quick ratio of 1.59, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. Cadence Design Systems Inc has a 1 year low of $40.31 and a 1 year high of $77.08.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 21st. The software maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The business had revenue of $579.60 million for the quarter, compared to the consensus estimate of $576.33 million. Cadence Design Systems had a net margin of 18.54% and a return on equity of 30.74%. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period last year, the firm posted $0.49 earnings per share. As a group, equities analysts expect that Cadence Design Systems Inc will post 1.51 earnings per share for the current fiscal year.

A number of research analysts have commented on the stock. ValuEngine downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Needham & Company LLC raised 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. BidaskClub downgraded shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 3rd. Credit Suisse Group reiterated a “neutral” rating and issued a $75.00 price objective (up from $70.00) on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. Finally, DA Davidson lifted their price objective on shares of Cadence Design Systems to $80.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $71.67.

In related news, CEO Lip Bu Tan sold 40,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $67.50, for a total transaction of $2,700,000.00. Following the transaction, the chief executive officer now owns 888,272 shares in the company, valued at approximately $59,958,360. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO John M. Wall sold 3,000 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $65.79, for a total transaction of $197,370.00. Following the transaction, the chief financial officer now owns 197,625 shares in the company, valued at $13,001,748.75. The disclosure for this sale can be found here. Insiders sold 119,396 shares of company stock valued at $8,002,522 over the last quarter. Corporate insiders own 2.34% of the company’s stock.

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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