Cadence Design Systems, Inc. (CDNS) Stake Lifted by Algert Global LLC

Algert Global LLC lifted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,855 shares of the software maker’s stock after purchasing an additional 9,301 shares during the quarter. Cadence Design Systems accounts for approximately 0.7% of Algert Global LLC’s portfolio, making the stock its 29th largest position. Algert Global LLC’s holdings in Cadence Design Systems were worth $2,955,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Cadence Design Systems by 2.2% during the second quarter. Vanguard Group Inc. now owns 24,488,691 shares of the software maker’s stock worth $820,127,000 after purchasing an additional 516,100 shares in the last quarter. Janus Henderson Group PLC lifted its position in Cadence Design Systems by 73,454.0% in the 2nd quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock worth $693,303,000 after buying an additional 20,673,635 shares during the last quarter. State Street Corp lifted its position in Cadence Design Systems by 1.2% in the 2nd quarter. State Street Corp now owns 9,105,421 shares of the software maker’s stock worth $304,935,000 after buying an additional 108,305 shares during the last quarter. Alkeon Capital Management LLC lifted its position in Cadence Design Systems by 0.3% in the 3rd quarter. Alkeon Capital Management LLC now owns 5,726,059 shares of the software maker’s stock worth $226,007,000 after buying an additional 15,000 shares during the last quarter. Finally, APG Asset Management N.V. lifted its position in Cadence Design Systems by 20,049.7% in the 3rd quarter. APG Asset Management N.V. now owns 3,667,241 shares of the software maker’s stock worth $144,746,000 after buying an additional 3,649,041 shares during the last quarter. 84.82% of the stock is owned by institutional investors.

Shares of Cadence Design Systems, Inc. (NASDAQ CDNS) opened at $43.06 on Thursday. The firm has a market capitalization of $12,282.66, a P/E ratio of 46.77, a P/E/G ratio of 3.43 and a beta of 0.93. Cadence Design Systems, Inc. has a 12-month low of $24.15 and a 12-month 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.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. The company had revenue of $485.40 million during the quarter, compared to the consensus estimate of $481.10 million. During the same quarter in the previous year, the company posted $0.30 EPS. Cadence Design Systems’s quarterly revenue was up 8.8% compared to the same quarter last year. analysts expect that Cadence Design Systems, Inc. will post 1.06 earnings per share for the current fiscal year.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $41.97, for a total value of $4,197,000.00. Following the completion of the sale, the chief executive officer now owns 445,833 shares in the company, valued at $18,711,611.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 750 shares of the business’s stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $40.68, for a total value of $30,510.00. The disclosure for this sale can be found here. Insiders sold 230,974 shares of company stock valued at $9,912,010 in the last quarter. Corporate insiders own 2.55% of the company’s stock.

CDNS has been the subject of a number of recent research reports. Credit Suisse Group restated an “outperform” rating on shares of Cadence Design Systems in a research report on Thursday, August 31st. Royal Bank of Canada restated a “buy” rating and issued a $46.00 target price on shares of Cadence Design Systems in a research report on Friday, October 27th. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Wednesday, November 1st. KeyCorp restated a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, November 26th. Finally, DA Davidson boosted their target price on Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Three equities research 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’s stock. The stock presently has an average rating of “Buy” and an average target price of $44.50.

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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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