State Street Corp Lowers Stake in Cadence Design Systems, Inc. (CDNS)

State Street Corp reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,997,116 shares of the software maker’s stock after selling 261,435 shares during the period. State Street Corp owned 3.22% of Cadence Design Systems worth $282,519,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of CDNS. Teachers Advisors LLC raised its stake in shares of Cadence Design Systems by 26.4% in the fourth quarter. Teachers Advisors LLC now owns 347,424 shares of the software maker’s stock worth $8,762,000 after buying an additional 72,492 shares in the last quarter. Dodge & Cox bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $27,750,000. Norges Bank bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $74,769,000. Thrivent Financial for Lutherans raised its stake in shares of Cadence Design Systems by 107.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 94,960 shares of the software maker’s stock worth $2,395,000 after buying an additional 49,180 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its stake in shares of Cadence Design Systems by 0.3% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 199,258 shares of the software maker’s stock worth $5,025,000 after buying an additional 659 shares in the last quarter. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at 34.81 on Wednesday. The company has a market cap of $9.73 billion, a P/E ratio of 44.74 and a beta of 0.93. Cadence Design Systems, Inc. has a 52 week low of $23.83 and a 52 week high of $35.69. The company’s 50-day moving average is $34.37 and its 200-day moving average is $31.47.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 24th. The software maker reported $0.32 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.32. Cadence Design Systems had a net margin of 11.97% and a return on equity of 26.52%. The company had revenue of $477 million during the quarter, compared to analyst estimates of $474.23 million. During the same period in the prior year, the business posted $0.28 EPS. The firm’s revenue was up 6.5% compared to the same quarter last year. On average, analysts anticipate that Cadence Design Systems, Inc. will post $1.38 EPS for the current fiscal year.

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A number of analysts have weighed in on the stock. BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 13th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Cadence Design Systems in a research note on Friday, July 7th. DA Davidson downgraded shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 25th. Finally, Zacks Investment Research downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $29.83.

In related news, Director Roger S. Siboni sold 20,507 shares of the company’s stock in a transaction on Friday, April 28th. The shares were sold at an average price of $32.32, for a total transaction of $662,786.24. Following the completion of the sale, the director now directly owns 52,701 shares in the company, valued at approximately $1,703,296.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $34.04, for a total transaction of $3,404,000.00. Following the completion of the transaction, the chief executive officer now owns 583,332 shares of the company’s stock, valued at $19,856,621.28. The disclosure for this sale can be found here. Insiders have sold a total of 346,413 shares of company stock valued at $11,538,545 over the last quarter. 2.55% of the stock is currently owned by company insiders.

About Cadence Design Systems

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

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

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