State of Tennessee Treasury Department grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 17.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 335,400 shares of the software maker’s stock after buying an additional 50,000 shares during the period. State of Tennessee Treasury Department owned 0.12% of Cadence Design Systems worth $11,233,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mn Services Vermogensbeheer B.V. raised its holdings in shares of Cadence Design Systems by 490.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 45,258 shares of the software maker’s stock worth $1,516,000 after buying an additional 37,591 shares during the last quarter. Glen Harbor Capital Management LLC raised its holdings 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 worth $591,000 after buying an additional 6,534 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Cadence Design Systems by 89.7% in the second quarter. First Trust Advisors LP now owns 460,774 shares of the software maker’s stock worth $15,431,000 after buying an additional 217,889 shares during the last quarter. Koch Industries Inc. purchased a new position in shares of Cadence Design Systems in the first quarter worth $308,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Cadence Design Systems in the second quarter worth $2,170,000. 84.27% of the stock is owned by institutional investors and hedge funds.

Several research analysts recently issued reports on CDNS shares. Royal Bank Of Canada reissued a “buy” rating on shares of Cadence Design Systems in a report on Friday, July 7th. BidaskClub cut shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Thursday, July 27th. Bank of America Corporation lifted their price objective on shares of Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. Finally, Credit Suisse Group reaffirmed an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $33.67.

Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at 38.24 on Wednesday. The firm has a 50-day moving average of $36.85 and a 200 day moving average of $33.84. Cadence Design Systems, Inc. has a 12-month low of $24.15 and a 12-month high of $39.49. The firm has a market capitalization of $10.71 billion, a price-to-earnings ratio of 44.47 and a beta of 0.92.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.02. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The company had revenue of $479 million for the quarter, compared to the consensus estimate of $476.21 million. During the same period in the prior year, the firm posted $0.29 EPS. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, equities analysts predict that Cadence Design Systems, Inc. will post $1.39 EPS for the current year.

In other Cadence Design Systems news, CFO Geoffrey G. Ribar sold 15,000 shares of the stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $37.55, for a total value of $563,250.00. Following the sale, the chief financial officer now directly owns 184,413 shares of the company’s stock, valued at approximately $6,924,708.15. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Geoffrey G. Ribar sold 5,000 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $36.88, for a total transaction of $184,400.00. Following the completion of the sale, the chief financial officer now directly owns 174,413 shares in the company, valued at $6,432,351.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 416,286 shares of company stock worth $14,799,640. Insiders own 2.55% of the company’s stock.

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Cadence Design Systems Company Profile

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).

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

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