Schwab Charles Investment Management Inc. grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 958,190 shares of the software maker’s stock after purchasing an additional 40,538 shares during the period. Schwab Charles Investment Management Inc. owned 0.34% of Cadence Design Systems worth $32,090,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in CDNS. Creative Planning boosted its stake in shares of Cadence Design Systems by 242.2% during the 2nd quarter. Creative Planning now owns 3,282 shares of the software maker’s stock worth $110,000 after purchasing an additional 2,323 shares during the last quarter. Atria Investments LLC acquired a new stake in shares of Cadence Design Systems during the 2nd quarter worth about $231,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth about $240,000. Airain ltd acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth about $250,000. Finally, Janney Capital Management LLC boosted its stake in shares of Cadence Design Systems by 8.9% during the 2nd quarter. Janney Capital Management LLC now owns 7,820 shares of the software maker’s stock worth $261,000 after purchasing an additional 641 shares during the last quarter. 84.27% of the stock is currently owned by institutional investors.
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Shares of Cadence Design Systems, Inc. (NASDAQ CDNS) opened at 37.55 on Wednesday. The firm has a market capitalization of $10.52 billion, a PE ratio of 43.66 and a beta of 0.92. The company has a 50 day moving average of $37.21 and a 200 day moving average of $34.03. Cadence Design Systems, Inc. has a 52-week low of $24.15 and a 52-week high of $39.49.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. The company had revenue of $479.00 million for the quarter, compared to the consensus estimate of $476.21 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 EPS. On average, analysts anticipate that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.
Several equities research analysts have issued reports on the stock. BidaskClub raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Royal Bank Of Canada raised their price target on shares of Cadence Design Systems from $36.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 25th. Zacks Investment Research cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a research report on Thursday, August 31st. Finally, Bank of America Corporation raised their target price on shares of Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Cadence Design Systems currently has an average rating of “Buy” and a consensus price target of $33.67.
In other news, insider Thomas P. Beckley sold 56,250 shares of the company’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total value of $1,968,750.00. Following the transaction, the insider now owns 322,734 shares in the company, valued at approximately $11,295,690. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $34.04, for a total value of $3,404,000.00. Following the completion of the transaction, the chief executive officer now owns 583,332 shares in the company, valued at approximately $19,856,621.28. The disclosure for this sale can be found here. Insiders sold a total of 416,286 shares of company stock worth $14,799,640 in the last quarter. 2.55% of the stock is owned by corporate insiders.
Cadence Design Systems Profile
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).
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