William Blair Investment Management LLC Sells 2,796 Shares of Cadence Design Systems Inc (CDNS)

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William Blair Investment Management LLC reduced its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 11.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 21,878 shares of the software maker’s stock after selling 2,796 shares during the quarter. William Blair Investment Management LLC’s holdings in Cadence Design Systems were worth $992,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CDNS. Fort L.P. acquired a new position in Cadence Design Systems in the 2nd quarter valued at $119,000. Psagot Investment House Ltd. grew its stake in shares of Cadence Design Systems by 52.4% during the 3rd quarter. Psagot Investment House Ltd. now owns 3,262 shares of the software maker’s stock worth $148,000 after purchasing an additional 1,121 shares during the period. Signaturefd LLC grew its stake in shares of Cadence Design Systems by 160.0% during the 2nd quarter. Signaturefd LLC now owns 4,573 shares of the software maker’s stock worth $198,000 after purchasing an additional 2,814 shares during the period. Buckingham Asset Management LLC acquired a new position in shares of Cadence Design Systems during the 3rd quarter worth $208,000. Finally, Intact Investment Management Inc. acquired a new position in shares of Cadence Design Systems during the 3rd quarter worth $218,000. 87.65% of the stock is currently owned by institutional investors.

In related news, CEO Lip Bu Tan sold 94,531 shares of the business’s stock in a transaction dated Tuesday, October 23rd. The shares were sold at an average price of $46.00, for a total value of $4,348,426.00. Following the sale, the chief executive officer now directly owns 506,597 shares in the company, valued at approximately $23,303,462. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, President Anirudh Devgan sold 20,476 shares of the business’s stock in a transaction dated Friday, September 21st. The stock was sold at an average price of $45.73, for a total transaction of $936,367.48. Following the completion of the sale, the president now owns 335,170 shares in the company, valued at $15,327,324.10. The disclosure for this sale can be found here. Insiders sold a total of 213,471 shares of company stock worth $9,763,272 over the last quarter. Insiders own 2.55% of the company’s stock.

Cadence Design Systems stock opened at $42.67 on Friday. Cadence Design Systems Inc has a 52 week low of $35.49 and a 52 week high of $47.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.58 and a current ratio of 1.64. The stock has a market capitalization of $12.41 billion, a P/E ratio of 40.25, a price-to-earnings-growth ratio of 3.15 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 22nd. The software maker reported $0.49 EPS for the quarter, topping the 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 business had revenue of $532.47 million for the quarter, compared to analyst estimates of $516.50 million. During the same period in the previous year, the firm earned $0.35 EPS. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. Analysts forecast that Cadence Design Systems Inc will post 1.16 EPS for the current fiscal year.

A number of equities analysts have recently weighed in on CDNS shares. Benchmark raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research note on Tuesday, October 23rd. BidaskClub raised shares of Cadence Design Systems from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. Zacks Investment Research cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, September 25th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $49.00 to $51.00 in a research note on Tuesday, October 23rd. Finally, Berenberg Bank started coverage on shares of Cadence Design Systems in a research note on Tuesday, November 20th. They set a “hold” rating and a $50.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $50.75.

TRADEMARK VIOLATION WARNING: “William Blair Investment Management LLC Sells 2,796 Shares of Cadence Design Systems Inc (CDNS)” was first reported by BBNS and is owned by of BBNS. If you are viewing this report on another website, it was copied illegally and republished in violation of United States and international copyright law. The correct version of this report can be viewed at https://baseballnewssource.com/2018/12/08/william-blair-investment-management-llc-sells-2796-shares-of-cadence-design-systems-inc-cdns/3065475.html.

Cadence Design Systems Company 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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