Virtus ETF Advisers LLC bought a new stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 460 shares of the software maker’s stock, valued at approximately $33,000.

A number of other hedge funds have also recently made changes to their positions in CDNS. BlackRock Inc. lifted its holdings in shares of Cadence Design Systems by 0.8% during the first quarter. BlackRock Inc. now owns 20,544,570 shares of the software maker’s stock valued at $1,304,786,000 after purchasing an additional 166,387 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cadence Design Systems by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 4,535,500 shares of the software maker’s stock valued at $196,926,000 after purchasing an additional 235,512 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Cadence Design Systems by 2.6% during the second quarter. Northern Trust Corp now owns 3,483,702 shares of the software maker’s stock valued at $246,682,000 after purchasing an additional 88,828 shares during the last quarter. AXA lifted its holdings in shares of Cadence Design Systems by 7.4% during the second quarter. AXA now owns 2,342,379 shares of the software maker’s stock valued at $165,864,000 after purchasing an additional 160,933 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in shares of Cadence Design Systems by 13.7% during the second quarter. Acadian Asset Management LLC now owns 2,280,892 shares of the software maker’s stock valued at $161,509,000 after purchasing an additional 275,616 shares during the last quarter. 86.68% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems stock traded down $0.29 during mid-day trading on Monday, hitting $65.25. The company’s stock had a trading volume of 46,567 shares, compared to its average volume of 1,764,973. The firm’s 50 day moving average is $69.91 and its 200 day moving average is $67.32. The company has a market cap of $18.30 billion, a PE ratio of 52.97, a price-to-earnings-growth ratio of 4.46 and a beta of 1.18. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.60 and a quick ratio of 1.52. Cadence Design Systems Inc has a 52-week low of $39.08 and a 52-week high of $77.08.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $580.42 million during the quarter, compared to the consensus estimate of $579.41 million. Cadence Design Systems had a return on equity of 31.86% and a net margin of 18.83%. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.45 EPS. As a group, analysts forecast that Cadence Design Systems Inc will post 1.49 EPS for the current year.

In other Cadence Design Systems news, Director John B. Shoven sold 50,000 shares of the company’s stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $71.08, for a total value of $3,554,000.00. Following the transaction, the director now directly owns 205,781 shares of the company’s stock, valued at approximately $14,626,913.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Aneel Zaman sold 523 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $72.78, for a total value of $38,063.94. Following the completion of the transaction, the insider now directly owns 246,114 shares in the company, valued at $17,912,176.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 128,936 shares of company stock valued at $9,244,304. Company insiders own 2.34% of the company’s stock.

CDNS has been the subject of several analyst reports. DA Davidson upped their target price on Cadence Design Systems to $80.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Credit Suisse Group upped their target price on Cadence Design Systems from $62.00 to $70.00 and gave the company a “neutral” 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. JPMorgan Chase & Co. reduced their target price on Cadence Design Systems from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Finally, Needham & Company LLC upped their target price on Cadence Design Systems to $76.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $67.25.

Cadence Design Systems 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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