Geller Advisors LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) during the first quarter, Holdings Channel reports. The firm purchased 1,085 shares of the software maker’s stock, valued at approximately $228,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of CDNS. Norges Bank purchased a new position in Cadence Design Systems in the fourth quarter worth $770,945,000. Jennison Associates LLC grew its stake in Cadence Design Systems by 366.0% during the 1st quarter. Jennison Associates LLC now owns 4,845,286 shares of the software maker’s stock valued at $1,017,946,000 after purchasing an additional 3,805,627 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Cadence Design Systems by 620.0% in the fourth quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after purchasing an additional 2,543,966 shares during the period. Moneta Group Investment Advisors LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth about $227,854,000. Finally, Morgan Stanley raised its position in Cadence Design Systems by 38.6% during the 4th quarter. Morgan Stanley now owns 2,807,404 shares of the software maker’s stock worth $450,982,000 after buying an additional 782,517 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on CDNS shares. Stifel Nicolaus upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and increased their price objective for the stock from $210.00 to $300.00 in a research note on Thursday, July 20th. Needham & Company LLC reiterated a “buy” rating and set a $235.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 25th. Wells Fargo & Company upped their price objective on Cadence Design Systems from $250.00 to $270.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 18th. Robert W. Baird increased their price target on shares of Cadence Design Systems from $253.00 to $257.00 in a report on Tuesday, July 25th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $250.00 price objective on shares of Cadence Design Systems in a report on Friday, August 25th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $255.22.
Insider Transactions at Cadence Design Systems
In related news, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $231.86, for a total value of $279,855.02. Following the sale, the vice president now directly owns 66,080 shares in the company, valued at approximately $15,321,308.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, VP Chin-Chi Teng sold 12,858 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $239.54, for a total value of $3,080,005.32. Following the completion of the transaction, the vice president now owns 126,165 shares of the company’s stock, valued at $30,221,564.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $231.86, for a total transaction of $279,855.02. Following the completion of the transaction, the vice president now owns 66,080 shares of the company’s stock, valued at approximately $15,321,308.80. The disclosure for this sale can be found here. Insiders have sold a total of 79,369 shares of company stock worth $18,383,272 in the last quarter. Company insiders own 1.99% of the company’s stock.
Cadence Design Systems Stock Performance
NASDAQ CDNS opened at $241.46 on Friday. The stock’s 50 day simple moving average is $233.94 and its 200-day simple moving average is $219.65. Cadence Design Systems, Inc. has a 1-year low of $138.76 and a 1-year high of $248.16. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.26. The company has a market cap of $65.63 billion, a PE ratio of 74.07, a price-to-earnings-growth ratio of 3.29 and a beta of 1.03.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last announced its quarterly earnings data on Monday, July 24th. The software maker reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.04. Cadence Design Systems had a net margin of 23.41% and a return on equity of 33.79%. The company had revenue of $977.00 million during the quarter, compared to analysts’ expectations of $975.99 million. During the same quarter in the prior year, the company earned $0.85 EPS. Cadence Design Systems’s revenue was up 13.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.1 EPS for the current fiscal year.
About Cadence Design Systems
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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.
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