Landsberg Bennett & Dubbaneh LLC lowered its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 29.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 35,139 shares of the software maker’s stock after selling 14,363 shares during the quarter. Landsberg Bennett & Dubbaneh LLC’s holdings in Cadence Design Systems were worth $2,577,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. AE Wealth Management LLC acquired a new stake in shares of Cadence Design Systems during the second quarter worth about $226,000. Flagship Harbor Advisors LLC lifted its position in shares of Cadence Design Systems by 853.6% during the second quarter. Flagship Harbor Advisors LLC now owns 534 shares of the software maker’s stock worth $37,000 after purchasing an additional 478 shares in the last quarter. Cerebellum GP LLC acquired a new stake in shares of Cadence Design Systems during the second quarter worth about $94,000. Davy Asset Management Ltd acquired a new stake in shares of Cadence Design Systems during the second quarter worth about $1,411,000. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of Cadence Design Systems by 17.0% during the second quarter. Robeco Institutional Asset Management B.V. now owns 805,413 shares of the software maker’s stock worth $57,032,000 after purchasing an additional 117,248 shares in the last quarter. 87.23% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:CDNS traded down $0.13 during mid-day trading on Friday, hitting $75.91. The stock had a trading volume of 1,866,106 shares, compared to its average volume of 2,118,809. The firm’s 50-day simple moving average is $71.70. The company has a market capitalization of $21.44 billion, a P/E ratio of 61.72, a PEG ratio of 4.69 and a beta of 1.16. Cadence Design Systems Inc has a twelve month low of $39.08 and a twelve month high of $77.08. The company has a quick ratio of 1.39, a current ratio of 1.60 and a debt-to-equity ratio of 0.24.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $0.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The firm had revenue of $580.42 million for the quarter, compared to analysts’ expectations of $579.41 million. Cadence Design Systems had a net margin of 18.83% and a return on equity of 31.86%. The firm’s revenue was up 12.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 earnings per share. As a group, equities analysts anticipate that Cadence Design Systems Inc will post 1.47 EPS 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 that occurred on Wednesday, May 15th. The shares were sold at an average price of $68.72, for a total transaction of $2,748,800.00. Following the sale, the chief executive officer now owns 899,852 shares of the company’s stock, valued at $61,837,829.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John B. Shoven sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $71.08, for a total transaction of $3,554,000.00. Following the sale, the director now directly owns 205,781 shares in the company, valued at approximately $14,626,913.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 179,371 shares of company stock worth $12,619,690. 2.34% of the stock is owned by corporate insiders.
Several analysts have recently issued reports on the stock. Wells Fargo & Co assumed coverage on shares of Semtech in a research report on Tuesday, May 14th. They set an “outperform” rating and a $48.03 price target on the stock. Royal Bank of Canada set a €18.50 ($21.51) price target on shares of ENI and gave the stock a “neutral” rating in a research report on Tuesday, April 23rd. KeyCorp increased their price target on shares of Ingersoll-Rand from $112.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 10th. DA Davidson cut shares of Piedmont Office Realty Trust from a “buy” rating to a “neutral” rating in a research report on Tuesday. Finally, BidaskClub cut shares of Zynga from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $64.25.
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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