Wells Fargo & Company MN Grows Stake in Cadence Design Systems Inc (CDNS)
Wells Fargo & Company MN raised its holdings in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 50.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 310,962 shares of the software maker’s stock after buying an additional 104,406 shares during the quarter. Wells Fargo & Company MN owned about 0.11% of Cadence Design Systems worth $12,274,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in CDNS. Commonwealth Bank of Australia grew its holdings in shares of Cadence Design Systems by 36.6% in the second quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock valued at $161,000 after purchasing an additional 1,300 shares during the period. Advisor Group Inc. grew its holdings in shares of Cadence Design Systems by 151.4% in the third quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock valued at $165,000 after purchasing an additional 2,505 shares during the period. Dupont Capital Management Corp purchased a new stake in shares of Cadence Design Systems in the third quarter valued at about $170,000. Parkwood LLC purchased a new stake in shares of Cadence Design Systems in the third quarter valued at about $201,000. Finally, Tocqueville Asset Management L.P. purchased a new stake in shares of Cadence Design Systems in the second quarter valued at about $206,000. 84.63% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on CDNS shares. Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. Royal Bank of Canada reaffirmed a “buy” rating and issued a $46.00 target price on shares of Cadence Design Systems in a research report on Friday, October 27th. KeyCorp reaffirmed a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, November 26th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Wednesday, November 1st. Finally, DA Davidson upped their target price on shares of Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $44.50.
In other news, VP Aneel Zaman sold 32,255 shares of the stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $44.32, for a total transaction of $1,429,541.60. Following the sale, the vice president now owns 217,497 shares of the company’s stock, valued at $9,639,467.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas P. Beckley sold 43,469 shares of the stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $44.09, for a total transaction of $1,916,548.21. Following the sale, the insider now directly owns 225,863 shares in the company, valued at approximately $9,958,299.67. The disclosure for this sale can be found here. Insiders sold 330,974 shares of company stock worth $14,264,010 in the last ninety days. 2.55% of the stock is currently owned by corporate insiders.
Cadence Design Systems Inc (NASDAQ:CDNS) opened at $42.26 on Monday. Cadence Design Systems Inc has a 1 year low of $25.18 and a 1 year high of $45.64. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.79 and a quick ratio of 1.72. The company has a market cap of $11,994.65, a PE ratio of 45.44, a price-to-earnings-growth ratio of 3.35 and a beta of 0.93.
Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Thursday, October 26th. The software maker reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The company had revenue of $485.40 million for the quarter, compared to analysts’ expectations of $481.10 million. During the same quarter in the prior year, the company posted $0.30 earnings per share. Cadence Design Systems’s revenue for the quarter was up 8.8% compared to the same quarter last year. equities research analysts forecast that Cadence Design Systems Inc will post 1.06 EPS for the current fiscal year.
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).
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