Canada Pension Plan Investment Board Cuts Holdings in Cadence Design Systems Inc (CDNS)

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Canada Pension Plan Investment Board cut its stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 35.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,029,983 shares of the software maker’s stock after selling 558,431 shares during the period. Canada Pension Plan Investment Board owned 0.36% of Cadence Design Systems worth $44,609,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Quantitative Systematic Strategies LLC raised its position in shares of Cadence Design Systems by 102.3% in the second quarter. Quantitative Systematic Strategies LLC now owns 32,565 shares of the software maker’s stock valued at $1,410,000 after buying an additional 16,464 shares in the last quarter. Arizona State Retirement System raised its position in shares of Cadence Design Systems by 29.3% in the second quarter. Arizona State Retirement System now owns 170,433 shares of the software maker’s stock valued at $7,381,000 after buying an additional 38,622 shares in the last quarter. Chesapeake Wealth Management raised its position in shares of Cadence Design Systems by 19.8% in the second quarter. Chesapeake Wealth Management now owns 8,317 shares of the software maker’s stock valued at $360,000 after buying an additional 1,375 shares in the last quarter. Cedar Capital LLC raised its position in shares of Cadence Design Systems by 69.9% in the second quarter. Cedar Capital LLC now owns 9,571 shares of the software maker’s stock valued at $415,000 after buying an additional 3,937 shares in the last quarter. Finally, Strs Ohio raised its position in shares of Cadence Design Systems by 96.9% in the second quarter. Strs Ohio now owns 42,451 shares of the software maker’s stock valued at $1,838,000 after buying an additional 20,896 shares in the last quarter. Hedge funds and other institutional investors own 88.66% of the company’s stock.

CDNS has been the subject of a number of analyst reports. Needham & Company LLC upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Tuesday, April 24th. JPMorgan Chase & Co. lifted their price target on shares of Cadence Design Systems from $34.00 to $42.00 and gave the company an “underweight” rating in a research report on Tuesday, April 24th. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research report on Thursday, April 26th. BidaskClub raised shares of Cadence Design Systems from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 5th. Finally, DA Davidson lifted their price objective on shares of Cadence Design Systems to $52.00 and gave the company a “buy” rating in a research note on Tuesday, July 24th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Cadence Design Systems presently has an average rating of “Buy” and an average price target of $48.43.

In related news, Director James D. Plummer sold 7,500 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, July 26th. The shares were sold at an average price of $46.49, for a total value of $348,675.00. Following the transaction, the director now directly owns 21,526 shares of the company’s stock, valued at $1,000,743.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $44.82, for a total transaction of $4,482,000.00. Following the completion of the transaction, the chief executive officer now directly owns 502,813 shares in the company, valued at $22,536,078.66. The disclosure for this sale can be found here. Insiders sold 309,000 shares of company stock worth $13,944,605 over the last three months. 2.28% of the stock is currently owned by insiders.

Shares of NASDAQ:CDNS opened at $45.18 on Friday. The company has a market capitalization of $12.78 billion, a P/E ratio of 42.62, a PEG ratio of 3.78 and a beta of 1.14. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 0.29. Cadence Design Systems Inc has a 1 year low of $35.49 and a 1 year high of $46.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 23rd. The software maker reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.05. The business had revenue of $518.40 million for the quarter, compared to analysts’ expectations of $514.94 million. Cadence Design Systems had a net margin of 10.62% and a return on equity of 28.38%. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period last year, the firm posted $0.34 earnings per share. equities analysts predict that Cadence Design Systems Inc will post 1 EPS for the current fiscal year.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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, a verification computing 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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