Comerica Bank Has $3.43 Million Stake in Cadence Design Systems Inc (NASDAQ:CDNS)

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Comerica Bank decreased its holdings in Cadence Design Systems Inc (NASDAQ:CDNS) by 2.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 52,639 shares of the software maker’s stock after selling 1,167 shares during the period. Comerica Bank’s holdings in Cadence Design Systems were worth $3,426,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CDNS. Patriot Financial Group Insurance Agency LLC acquired a new position in Cadence Design Systems in the second quarter worth approximately $26,000. Altshuler Shaham Ltd increased its holdings in Cadence Design Systems by 109.2% in the second quarter. Altshuler Shaham Ltd now owns 385 shares of the software maker’s stock worth $27,000 after buying an additional 201 shares during the last quarter. Next Capital Management LLC acquired a new position in Cadence Design Systems in the second quarter worth approximately $29,000. Shine Investment Advisory Services Inc. increased its holdings in Cadence Design Systems by 50.5% in the third quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the software maker’s stock worth $30,000 after buying an additional 152 shares during the last quarter. Finally, CWM LLC increased its holdings in Cadence Design Systems by 217.9% in the second quarter. CWM LLC now owns 445 shares of the software maker’s stock worth $32,000 after buying an additional 305 shares during the last quarter. Institutional investors own 86.27% of the company’s stock.

Shares of Cadence Design Systems stock opened at $67.10 on Friday. The stock has a 50 day moving average price of $65.71 and a two-hundred day moving average price of $68.45. The company has a quick ratio of 1.59, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $18.86 billion, a P/E ratio of 54.55, a PEG ratio of 4.22 and a beta of 1.16. Cadence Design Systems Inc has a 12-month low of $40.31 and a 12-month high of $77.08.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 21st. The software maker reported $0.54 EPS for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.03. The firm had revenue of $579.60 million during the quarter, compared to analyst estimates of $576.33 million. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. The company’s revenue was up 8.9% on a year-over-year basis. During the same period last year, the company earned $0.49 earnings per share. Sell-side analysts anticipate that Cadence Design Systems Inc will post 1.51 earnings per share for the current year.

In other Cadence Design Systems news, VP James J. Cowie sold 2,008 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $67.57, for a total transaction of $135,680.56. Following the transaction, the vice president now owns 106,170 shares in the company, valued at $7,173,906.90. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Surendra Babu Mandava sold 4,027 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $70.60, for a total value of $284,306.20. Following the transaction, the vice president now owns 299,760 shares in the company, valued at approximately $21,163,056. The disclosure for this sale can be found here. Over the last quarter, insiders sold 159,396 shares of company stock valued at $10,723,322. Corporate insiders own 2.34% of the company’s stock.

A number of research firms recently commented on CDNS. ValuEngine downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. dropped their price objective on Cadence Design Systems from $78.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. Needham & Company LLC increased their price objective on Cadence Design Systems to $76.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. BidaskClub downgraded Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 3rd. Finally, Bank of America began coverage on Cadence Design Systems in a report on Monday, September 23rd. They issued a “neutral” rating and a $73.00 price objective on the stock. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $71.67.

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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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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