QUANTRES ASSET MANAGEMENT Ltd Invests $611,000 in Cadence Design Systems Inc (CDNS) Stock

QUANTRES ASSET MANAGEMENT Ltd purchased a new position in Cadence Design Systems Inc (NASDAQ:CDNS) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 14,600 shares of the software maker’s stock, valued at approximately $611,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Parametric Portfolio Associates LLC increased its position in Cadence Design Systems by 4.1% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 706,097 shares of the software maker’s stock worth $27,870,000 after buying an additional 27,800 shares during the period. AXA increased its position in Cadence Design Systems by 15.9% in the 3rd quarter. AXA now owns 1,687,367 shares of the software maker’s stock worth $66,600,000 after buying an additional 231,832 shares during the period. New Mexico Educational Retirement Board bought a new position in Cadence Design Systems in the 3rd quarter worth approximately $1,022,000. Public Employees Retirement System of Ohio increased its position in Cadence Design Systems by 35.7% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 173,384 shares of the software maker’s stock worth $6,843,000 after buying an additional 45,590 shares during the period. Finally, Algert Global LLC increased its position in Cadence Design Systems by 14.2% in the 3rd quarter. Algert Global LLC now owns 74,855 shares of the software maker’s stock worth $2,955,000 after buying an additional 9,301 shares during the period. 84.63% of the stock is currently owned by institutional investors.

Shares of Cadence Design Systems Inc (NASDAQ CDNS) opened at $43.99 on Friday. The stock has a market capitalization of $12,420.00, a P/E ratio of 47.82, a PEG ratio of 3.52 and a beta of 0.94. The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64. Cadence Design Systems Inc has a 1 year low of $25.42 and a 1 year high of $45.64.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $485.40 million for the quarter, compared to analysts’ expectations of $481.10 million. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. Cadence Design Systems’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.30 earnings per share. analysts predict that Cadence Design Systems Inc will post 1.06 EPS for the current year.

Several research analysts have commented on the company. BidaskClub downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Zacks Investment Research cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, October 29th. DA Davidson boosted their price objective on Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Finally, Royal Bank of Canada boosted their price objective on Cadence Design Systems from $39.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, October 11th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Cadence Design Systems presently has an average rating of “Hold” and an average price target of $44.50.

In related news, VP Aneel Zaman sold 32,255 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $44.32, for a total value of $1,429,541.60. Following the sale, the vice president now owns 217,497 shares of the company’s stock, valued at approximately $9,639,467.04. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Wall sold 750 shares of the business’s stock in a transaction on Monday, October 9th. The shares were sold at an average price of $40.68, for a total value of $30,510.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 330,974 shares of company stock worth $14,264,010. 2.55% of the stock is owned by insiders.

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About Cadence Design Systems

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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