Cadence Design Systems Inc (CDNS) Shares Sold by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board lessened its stake in Cadence Design Systems Inc (NASDAQ:CDNS) by 11.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,357 shares of the software maker’s stock after selling 3,178 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Cadence Design Systems were worth $1,104,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Fort L.P. bought a new stake in shares of Cadence Design Systems in the second quarter worth $119,000. Psagot Investment House Ltd. increased its stake in Cadence Design Systems by 52.4% during the third quarter. Psagot Investment House Ltd. now owns 3,262 shares of the software maker’s stock valued at $148,000 after purchasing an additional 1,121 shares during the last quarter. Signaturefd LLC increased its stake in Cadence Design Systems by 160.0% during the second quarter. Signaturefd LLC now owns 4,573 shares of the software maker’s stock valued at $198,000 after purchasing an additional 2,814 shares during the last quarter. Buckingham Asset Management LLC bought a new stake in Cadence Design Systems during the third quarter valued at $208,000. Finally, Intact Investment Management Inc. bought a new stake in Cadence Design Systems during the third quarter valued at $218,000. Institutional investors and hedge funds own 88.26% of the company’s stock.

In other news, CEO Lip Bu Tan sold 5,469 shares of the business’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $46.10, for a total transaction of $252,120.90. Following the completion of the transaction, the chief executive officer now owns 424,566 shares of the company’s stock, valued at $19,572,492.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Aneel Zaman sold 32,995 shares of the business’s stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $44.46, for a total transaction of $1,466,957.70. Following the transaction, the insider now directly owns 202,927 shares of the company’s stock, valued at approximately $9,022,134.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 213,471 shares of company stock valued at $9,763,272. Corporate insiders own 2.55% of the company’s stock.

Several analysts have weighed in on the stock. BidaskClub upgraded shares of Cadence Design Systems from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. Zacks Investment Research lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, September 25th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, November 20th. They set a “hold” rating and a $50.00 target price for the company. Finally, JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $49.00 to $51.00 in a research note on Tuesday, October 23rd. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $50.75.

CDNS stock opened at $44.12 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.64 and a quick ratio of 1.58. Cadence Design Systems Inc has a 1-year low of $35.49 and a 1-year high of $47.40. The firm has a market cap of $12.63 billion, a price-to-earnings ratio of 41.62, a price-to-earnings-growth ratio of 3.21 and a beta of 1.12.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 22nd. The software maker reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.08. Cadence Design Systems had a net margin of 11.25% and a return on equity of 28.44%. The firm had revenue of $532.47 million during the quarter, compared to analyst estimates of $516.50 million. During the same quarter in the previous year, the firm earned $0.35 earnings per share. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. Equities research analysts predict that Cadence Design Systems Inc will post 1.16 earnings per share for the current fiscal year.

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Cadence Design Systems Company 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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