Cadence Design Systems Inc (CDNS) Shares Sold by O Shaughnessy Asset Management LLC

O Shaughnessy Asset Management LLC cut its stake in Cadence Design Systems Inc (NASDAQ:CDNS) by 71.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 287,627 shares of the software maker’s stock after selling 737,576 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Cadence Design Systems were worth $13,032,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Massachusetts Financial Services Co. MA increased its stake in shares of Cadence Design Systems by 0.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 22,592,711 shares of the software maker’s stock worth $1,023,900,000 after purchasing an additional 140,805 shares in the last quarter. Parnassus Investments CA purchased a new position in shares of Cadence Design Systems during the 2nd quarter worth approximately $460,597,000. Northern Trust Corp increased its stake in shares of Cadence Design Systems by 2.6% during the 2nd quarter. Northern Trust Corp now owns 3,326,013 shares of the software maker’s stock worth $144,049,000 after purchasing an additional 84,704 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Cadence Design Systems by 12.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,550,297 shares of the software maker’s stock worth $110,452,000 after purchasing an additional 285,828 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Cadence Design Systems by 31.0% during the 3rd quarter. First Trust Advisors LP now owns 2,332,181 shares of the software maker’s stock worth $105,694,000 after purchasing an additional 551,793 shares in the last quarter. 87.56% of the stock is owned by institutional investors.

A number of brokerages have recently weighed in on CDNS. BidaskClub raised shares of Cadence Design Systems from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. Credit Suisse Group raised their target price on shares of Cadence Design Systems from $44.00 to $46.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 24th. Griffin Securities raised their target price on shares of Cadence Design Systems from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. Zacks Investment Research lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cadence Design Systems from $42.00 to $49.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Cadence Design Systems currently has an average rating of “Buy” and a consensus price target of $50.86.

In other Cadence Design Systems news, insider Aneel Zaman sold 32,995 shares of Cadence Design Systems stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $44.46, for a total value of $1,466,957.70. Following the transaction, the insider now owns 202,927 shares in the company, valued at approximately $9,022,134.42. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $45.33, for a total transaction of $4,533,000.00. Following the completion of the transaction, the chief executive officer now owns 552,813 shares in the company, valued at approximately $25,059,013.29. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 313,471 shares of company stock worth $14,296,272. 2.55% of the stock is owned by company insiders.

Shares of NASDAQ CDNS opened at $46.26 on Friday. Cadence Design Systems Inc has a 1 year low of $35.49 and a 1 year high of $47.40. The company has a market cap of $13.02 billion, a P/E ratio of 43.64, a PEG ratio of 3.31 and a beta of 1.12. The company has a current ratio of 1.64, a quick ratio of 1.58 and a debt-to-equity ratio of 0.27.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 22nd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ 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 for the quarter, compared to analyst estimates of $516.50 million. During the same quarter last year, the business earned $0.35 earnings per share. Cadence Design Systems’s revenue was up 9.7% compared to the same quarter last year. Sell-side analysts anticipate that Cadence Design Systems Inc will post 1.16 earnings per share for the current year.

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Cadence Design Systems 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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