Janus Henderson Group PLC decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 18,019,298 shares of the software maker’s stock after selling 2,682,482 shares during the period. Janus Henderson Group PLC owned approximately 6.38% of Cadence Design Systems worth $711,220,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. Creative Planning grew its position 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. Rothschild Asset Management Inc. bought a new position in Cadence Design Systems in the 2nd quarter worth about $415,000. Daiwa Securities Group Inc. grew its position in Cadence Design Systems by 66.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 14,300 shares of the software maker’s stock worth $479,000 after purchasing an additional 5,700 shares during the last quarter. Sei Investments Co. grew its position in Cadence Design Systems by 11.2% in the 2nd quarter. Sei Investments Co. now owns 112,988 shares of the software maker’s stock worth $3,784,000 after purchasing an additional 11,404 shares during the last quarter. Finally, Beach Investment Management LLC. bought a new position in Cadence Design Systems in the 2nd quarter worth about $309,000. Hedge funds and other institutional investors own 84.81% of the company’s stock.
Several research firms have recently issued reports on CDNS. KeyCorp reiterated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, November 26th. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a report on Wednesday, November 1st. DA Davidson increased their price objective on shares of Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. Needham & Company LLC reiterated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $46.00 price objective on shares of Cadence Design Systems in a report on Friday, October 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $40.60.
In related news, CFO John M. Wall sold 750 shares of the firm’s stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $40.68, for a total transaction of $30,510.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Aneel Zaman sold 32,255 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $44.32, for a total transaction of $1,429,541.60. Following the sale, the vice president now owns 217,497 shares of the company’s stock, valued at $9,639,467.04. The disclosure for this sale can be found here. Insiders have sold 230,224 shares of company stock valued at $9,879,242 over the last 90 days. 2.55% of the stock is currently owned by insiders.
Cadence Design Systems, Inc. (NASDAQ CDNS) opened at $43.55 on Friday. The company has a quick ratio of 1.72, a current ratio of 1.79 and a debt-to-equity ratio of 0.64. The stock has a market cap of $12,048.30, a P/E ratio of 45.88, a PEG ratio of 3.37 and a beta of 0.93. Cadence Design Systems, Inc. has a 1-year low of $24.15 and a 1-year high of $45.64.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. The business had revenue of $485.40 million during the quarter, compared to analysts’ expectations of $481.10 million. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The business’s revenue was up 8.8% on a year-over-year basis. During the same period last year, the firm posted $0.30 earnings per share. analysts anticipate that Cadence Design Systems, Inc. will post 1.06 EPS for the current fiscal year.
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About Cadence Design Systems
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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