Westpac Banking Corp reduced its stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 15.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 125,009 shares of the software maker’s stock after selling 23,192 shares during the period. Westpac Banking Corp’s holdings in Cadence Design Systems were worth $7,939,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently bought and sold shares of CDNS. Riverhead Capital Management LLC lifted its holdings in Cadence Design Systems by 354.2% in the 1st quarter. Riverhead Capital Management LLC now owns 36,110 shares of the software maker’s stock worth $2,293,000 after purchasing an additional 28,160 shares in the last quarter. Andra AP fonden purchased a new position in Cadence Design Systems in the 1st quarter worth approximately $9,222,000. Meiji Yasuda Asset Management Co Ltd. purchased a new position in Cadence Design Systems in the 1st quarter worth approximately $251,000. Neuburgh Advisers LLC lifted its holdings in Cadence Design Systems by 357.0% in the 1st quarter. Neuburgh Advisers LLC now owns 32,608 shares of the software maker’s stock worth $2,071,000 after purchasing an additional 25,472 shares in the last quarter. Finally, Berkshire Capital Holdings Inc. purchased a new position in Cadence Design Systems in the 1st quarter worth approximately $9,524,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently commented on CDNS shares. Zacks Investment Research cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 14th. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 15th. DA Davidson lifted their price objective on Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, February 20th. Needham & Company LLC lifted their price objective on Cadence Design Systems to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 20th. Finally, ValuEngine raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 23rd. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $59.44.
NASDAQ:CDNS traded down $0.93 during trading hours on Friday, reaching $67.17. The stock had a trading volume of 82,885 shares, compared to its average volume of 2,439,866. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.45 and a quick ratio of 1.39. Cadence Design Systems Inc has a 52 week low of $39.08 and a 52 week high of $70.49. The company has a market cap of $19.49 billion, a price-to-earnings ratio of 54.66, a PEG ratio of 4.31 and a beta of 1.15.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.08. Cadence Design Systems had a return on equity of 30.86% and a net margin of 17.91%. The business had revenue of $577.00 million for the quarter, compared to the consensus estimate of $569.34 million. During the same quarter in the previous year, the company posted $0.40 EPS. The company’s revenue was up 11.6% compared to the same quarter last year. As a group, analysts anticipate that Cadence Design Systems Inc will post 1.46 EPS for the current year.
In other news, insider Aneel Zaman sold 66,808 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $61.77, for a total transaction of $4,126,730.16. Following the transaction, the insider now owns 285,961 shares of the company’s stock, valued at approximately $17,663,810.97. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Surendra Babu Mandava sold 4,235 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $64.87, for a total value of $274,724.45. Following the transaction, the insider now directly owns 305,888 shares in the company, valued at approximately $19,842,954.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 211,645 shares of company stock worth $13,625,475. Corporate insiders own 2.34% of the company’s stock.
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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