Fmr LLC Buys New Holdings in Cadence Design Systems Inc (CDNS)

Fmr LLC bought a new stake in Cadence Design Systems Inc (NASDAQ:CDNS) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 6,324 shares of the software maker’s stock, valued at approximately $274,000.

Other large investors have also made changes to their positions in the company. Chesapeake Wealth Management increased its stake in shares of Cadence Design Systems by 19.8% during the second quarter. Chesapeake Wealth Management now owns 8,317 shares of the software maker’s stock worth $360,000 after acquiring an additional 1,375 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Cadence Design Systems by 2.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,811 shares of the software maker’s stock worth $2,677,000 after acquiring an additional 1,569 shares during the period. Xact Kapitalforvaltning AB increased its stake in shares of Cadence Design Systems by 5.6% during the first quarter. Xact Kapitalforvaltning AB now owns 31,384 shares of the software maker’s stock worth $1,154,000 after acquiring an additional 1,652 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Cadence Design Systems by 21.5% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 10,562 shares of the software maker’s stock worth $389,000 after acquiring an additional 1,871 shares during the period. Finally, Fox Run Management L.L.C. increased its stake in shares of Cadence Design Systems by 11.9% during the second quarter. Fox Run Management L.L.C. now owns 23,816 shares of the software maker’s stock worth $1,031,000 after acquiring an additional 2,530 shares during the period. 87.30% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have recently issued reports on CDNS. Zacks Investment Research lowered shares of Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 26th. BidaskClub lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. JPMorgan Chase & Co. upped their target price on shares of Cadence Design Systems from $42.00 to $49.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 24th. Credit Suisse Group upped their target price on shares of Cadence Design Systems from $44.00 to $46.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 24th. Finally, Needham & Company LLC upped their target price on shares of Cadence Design Systems from $47.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $48.43.

In other news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $45.33, for a total value of $4,533,000.00. Following the sale, the chief executive officer now directly owns 552,813 shares in the company, valued at $25,059,013.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James D. Plummer sold 7,500 shares of the stock in a transaction that occurred on Thursday, July 26th. The shares were sold at an average price of $46.49, for a total transaction of $348,675.00. Following the completion of the sale, the director now owns 21,526 shares in the company, valued at $1,000,743.74. The disclosure for this sale can be found here. Insiders have sold 133,445 shares of company stock worth $6,070,163 over the last 90 days. 2.28% of the stock is currently owned by company insiders.

Shares of CDNS opened at $40.04 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 0.29. Cadence Design Systems Inc has a twelve month low of $35.49 and a twelve month high of $47.40. The stock has a market cap of $12.82 billion, a price-to-earnings ratio of 37.77, a P/E/G ratio of 3.83 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 23rd. The software maker reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.05. Cadence Design Systems had a net margin of 10.62% and a return on equity of 28.38%. The company had revenue of $518.40 million for the quarter, compared to analyst estimates of $514.94 million. During the same period in the prior year, the business posted $0.34 earnings per share. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. Equities analysts anticipate that Cadence Design Systems Inc will post 0.99 EPS for the current year.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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, a verification computing 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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