Mutual of America Capital Management LLC increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 227,027 shares of the software maker’s stock after purchasing an additional 6,239 shares during the quarter. Mutual of America Capital Management LLC owned approximately 0.08% of Cadence Design Systems worth $7,603,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Creative Planning lifted its holdings in Cadence Design Systems by 242.2% in 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. Commonwealth Bank of Australia lifted its holdings in Cadence Design Systems by 36.6% in the 2nd quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock worth $161,000 after purchasing an additional 1,300 shares during the last quarter. Tocqueville Asset Management L.P. acquired a new stake in Cadence Design Systems in the 2nd quarter worth approximately $206,000. Affinity Wealth Management acquired a new stake in Cadence Design Systems in the 2nd quarter worth approximately $212,000. Finally, Atria Investments LLC acquired a new stake in Cadence Design Systems in the 2nd quarter worth approximately $231,000. Hedge funds and other institutional investors own 84.27% of the company’s stock.
Several equities research analysts recently weighed in on CDNS shares. Credit Suisse Group restated an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. Royal Bank Of Canada boosted their target price on Cadence Design Systems from $36.00 to $39.00 and gave the stock an “outperform” rating in a report on Tuesday, July 25th. BidaskClub lowered Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Bank of America Corporation boosted their target price on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. Finally, Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $33.67.
Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) traded down 0.013% on Tuesday, reaching $38.775. The company’s stock had a trading volume of 397,243 shares. Cadence Design Systems, Inc. has a 1-year low of $24.15 and a 1-year high of $39.49. The company’s 50 day moving average is $37.41 and its 200-day moving average is $34.28. The firm has a market cap of $10.86 billion, a price-to-earnings ratio of 45.087 and a beta of 0.92.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, beating the consensus estimate of $0.32 by $0.02. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The firm had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $476.21 million. During the same period in the prior year, the firm posted $0.29 earnings per share. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. Equities research analysts expect that Cadence Design Systems, Inc. will post $1.39 EPS for the current year.
In other news, insider Thomas P. Beckley sold 56,250 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 322,734 shares of the company’s stock, valued at $11,295,690. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $34.68, for a total value of $3,468,000.00. Following the completion of the sale, the chief executive officer now directly owns 583,332 shares of the company’s stock, valued at $20,229,953.76. The disclosure for this sale can be found here. Insiders have sold 316,286 shares of company stock valued at $11,395,640 over the last three months. Insiders own 2.55% of the company’s stock.
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).
Receive News & Ratings for Cadence Design Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.