First Mercantile Trust Co. reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,502 shares of the software maker’s stock after selling 6,674 shares during the period. First Mercantile Trust Co.’s holdings in Cadence Design Systems were worth $1,155,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Russell Investments Group Ltd. increased its position in shares of Cadence Design Systems by 81.7% in the first quarter. Russell Investments Group Ltd. now owns 869,057 shares of the software maker’s stock valued at $27,289,000 after buying an additional 390,857 shares during the last quarter. Sumitomo Life Insurance Co. increased its position in shares of Cadence Design Systems by 0.7% in the first quarter. Sumitomo Life Insurance Co. now owns 53,389 shares of the software maker’s stock valued at $1,676,000 after buying an additional 392 shares during the last quarter. Janney Capital Management LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at approximately $225,000. Glen Harbor Capital Management LLC increased its position in shares of Cadence Design Systems by 53.2% in the first quarter. Glen Harbor Capital Management LLC now owns 18,810 shares of the software maker’s stock valued at $591,000 after buying an additional 6,534 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at approximately $81,715,000. 86.47% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems, Inc. (CDNS) opened at 36.34 on Friday. The stock’s 50 day moving average price is $35.17 and its 200-day moving average price is $32.66. The firm has a market capitalization of $10.18 billion, a price-to-earnings ratio of 42.26 and a beta of 0.94. Cadence Design Systems, Inc. has a 12 month low of $24.03 and a 12 month high of $37.51.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.02. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The company had revenue of $479 million for the quarter, compared to analyst estimates of $476.21 million. During the same period in the previous year, the company posted $0.29 earnings per share. The firm’s revenue was up 5.7% on a year-over-year basis. Equities analysts anticipate that Cadence Design Systems, Inc. will post $1.39 EPS for the current fiscal year.

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CDNS has been the topic of several research reports. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Thursday, July 27th. Bank of America Corporation boosted their price target on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. BidaskClub cut Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Royal Bank Of Canada restated a “buy” rating on shares of Cadence Design Systems in a report on Friday, July 7th. Finally, DA Davidson cut Cadence Design Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $33.67.

In other news, insider Aneel Zaman sold 29,406 shares of the business’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $32.62, for a total value of $959,223.72. Following the completion of the transaction, the insider now owns 247,495 shares in the company, valued at $8,073,286.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas P. Beckley sold 56,250 shares of the business’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total value of $1,968,750.00. Following the completion of the transaction, the insider now owns 322,734 shares of the company’s stock, valued at approximately $11,295,690. The disclosure for this sale can be found here. Insiders sold 434,656 shares of company stock worth $14,786,334 over the last three months. Corporate insiders own 2.55% of the company’s stock.

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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