Cadence Design Systems Inc (NASDAQ:CDNS) Stake Lifted by Summit Global Investments

Summit Global Investments lifted its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 35.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 103,930 shares of the software maker’s stock after purchasing an additional 27,380 shares during the period. Summit Global Investments’ holdings in Cadence Design Systems were worth $6,601,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc lifted its stake in shares of Cadence Design Systems by 1.0% during the 3rd quarter. Vanguard Group Inc now owns 32,476,936 shares of the software maker’s stock worth $1,471,854,000 after buying an additional 324,296 shares during the last quarter. Dupont Capital Management Corp acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth about $177,000. M&T Bank Corp lifted its stake in shares of Cadence Design Systems by 1.2% during the 4th quarter. M&T Bank Corp now owns 17,805 shares of the software maker’s stock worth $775,000 after buying an additional 213 shares during the last quarter. Chicago Equity Partners LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth about $1,066,000. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of Cadence Design Systems by 179.8% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 25,575 shares of the software maker’s stock worth $1,112,000 after buying an additional 16,435 shares during the last quarter. 87.40% of the stock is owned by institutional investors.

Cadence Design Systems stock traded down $0.79 during midday trading on Friday, hitting $67.31. The company’s stock had a trading volume of 50,811 shares, compared to its average volume of 2,439,866. Cadence Design Systems Inc has a 1-year low of $39.08 and a 1-year high of $70.49. The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $19.49 billion, a price-to-earnings ratio of 54.76, a price-to-earnings-growth ratio of 4.31 and a beta of 1.15.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.08. Cadence Design Systems had a net margin of 17.91% and a return on equity of 30.86%. The business had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $569.34 million. During the same quarter in the previous year, the company earned $0.40 EPS. The business’s revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts anticipate that Cadence Design Systems Inc will post 1.46 earnings per share for the current fiscal year.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $68.72, for a total value of $2,748,800.00. Following the transaction, the chief executive officer now directly owns 899,852 shares of the company’s stock, valued at approximately $61,837,829.44. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Aneel Zaman sold 66,808 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $61.77, for a total transaction of $4,126,730.16. Following the completion of the transaction, the insider now directly owns 285,961 shares in the company, valued at $17,663,810.97. The disclosure for this sale can be found here. Over the last three months, insiders sold 211,645 shares of company stock worth $13,625,475. Insiders own 2.34% of the company’s stock.

Several brokerages have weighed in on CDNS. BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 30th. Wells Fargo & Co began coverage on shares of Cadence Design Systems in a research note on Tuesday, May 14th. They issued a “market perform” rating for the company. Royal Bank of Canada lifted their price objective on shares of Cadence Design Systems to $73.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 23rd. Credit Suisse Group lifted their price objective on shares of Cadence Design Systems from $46.00 to $62.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 24th. Finally, Needham & Company LLC lifted their price objective on shares of Cadence Design Systems to $71.00 and gave the stock a “positive” rating in a research note on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $59.44.

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Cadence Design Systems Company Profile

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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