State of Alaska Department of Revenue boosted its stake in Cadence Design Systems Inc (NASDAQ:CDNS) by 29.5% in the second quarter, HoldingsChannel.com reports. The fund owned 72,440 shares of the software maker’s stock after buying an additional 16,500 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cadence Design Systems were worth $3,137,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC purchased a new position in Cadence Design Systems in the 1st quarter worth approximately $204,000. Intact Investment Management Inc. purchased a new position in Cadence Design Systems in the 1st quarter worth approximately $206,000. United Capital Financial Advisers LLC purchased a new position in Cadence Design Systems in the 1st quarter worth approximately $206,000. Thompson Siegel & Walmsley LLC boosted its stake in shares of Cadence Design Systems by 114.8% during the 1st quarter. Thompson Siegel & Walmsley LLC now owns 5,800 shares of the software maker’s stock valued at $213,000 after buying an additional 3,100 shares during the last quarter. Finally, Point72 Asia Hong Kong Ltd boosted its stake in shares of Cadence Design Systems by 32,672.2% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 5,899 shares of the software maker’s stock valued at $217,000 after buying an additional 5,881 shares during the last quarter. Hedge funds and other institutional investors own 86.03% of the company’s stock.
Get Cadence Design Systems alerts:Cadence Design Systems stock opened at $45.66 on Wednesday. The company has a market cap of $12.71 billion, a PE ratio of 41.35, a price-to-earnings-growth ratio of 3.94 and a beta of 1.11. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.24 and a quick ratio of 1.20. Cadence Design Systems Inc has a 52 week low of $34.51 and a 52 week high of $46.00.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 23rd. The software maker reported $0.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.03. The company had revenue of $517.00 million during the quarter, compared to analysts’ expectations of $505.33 million. Cadence Design Systems had a return on equity of 29.43% and a net margin of 10.52%. The business’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.32 EPS. analysts forecast that Cadence Design Systems Inc will post 0.95 earnings per share for the current year.
Several research firms have recently commented on CDNS. DA Davidson upgraded Cadence Design Systems from a “neutral” rating to a “buy” rating in a research note on Thursday, April 5th. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Thursday, April 26th. BidaskClub upgraded Cadence Design Systems from a “sell” rating to a “hold” rating in a research note on Wednesday, June 13th. JPMorgan Chase & Co. increased their target price on Cadence Design Systems from $34.00 to $42.00 and gave the company an “underweight” rating in a research note on Tuesday, April 24th. Finally, Needham & Company LLC upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Tuesday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. Cadence Design Systems has a consensus rating of “Buy” and a consensus target price of $43.71.
In related news, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, June 15th. The stock was sold at an average price of $44.82, for a total transaction of $4,482,000.00. Following the sale, the chief executive officer now directly owns 502,813 shares of the company’s stock, valued at approximately $22,536,078.66. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Aneel Zaman sold 43,733 shares of the company’s stock in a transaction that occurred on Friday, April 27th. The shares were sold at an average price of $40.02, for a total value of $1,750,194.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,763 shares of company stock worth $7,914,544. Corporate insiders own 2.28% of the company’s stock.
About Cadence Design Systems
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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