Landsberg Bennett & Dubbaneh LLC lessened its holdings in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 3.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 33,987 shares of the software maker’s stock after selling 1,152 shares during the quarter. Landsberg Bennett & Dubbaneh LLC’s holdings in Cadence Design Systems were worth $2,216,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Cadence Design Systems in the 2nd quarter worth $26,000. Altshuler Shaham Ltd raised its stake in shares of Cadence Design Systems by 109.2% in the 2nd quarter. Altshuler Shaham Ltd now owns 385 shares of the software maker’s stock worth $27,000 after buying an additional 201 shares in the last quarter. Next Capital Management LLC bought a new stake in shares of Cadence Design Systems in the 2nd quarter worth $29,000. CWM LLC raised its stake in shares of Cadence Design Systems by 217.9% in the 2nd quarter. CWM LLC now owns 445 shares of the software maker’s stock worth $32,000 after buying an additional 305 shares in the last quarter. Finally, Virtus ETF Advisers LLC bought a new stake in shares of Cadence Design Systems in the 2nd quarter worth $33,000. Institutional investors own 86.68% of the company’s stock.
In other news, CEO Lip Bu Tan sold 40,000 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $75.12, for a total transaction of $3,004,800.00. Following the sale, the chief executive officer now directly owns 899,852 shares of the company’s stock, valued at $67,596,882.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Surendra Babu Mandava sold 4,027 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $70.60, for a total value of $284,306.20. Following the sale, the vice president now directly owns 299,760 shares in the company, valued at $21,163,056. The disclosure for this sale can be found here. Insiders have sold 158,936 shares of company stock worth $11,022,704 over the last ninety days. 2.34% of the stock is owned by insiders.
Shares of Cadence Design Systems stock traded up $0.46 on Friday, reaching $66.00. 136,257 shares of the company were exchanged, compared to its average volume of 1,792,891. The stock has a fifty day moving average price of $66.83 and a 200-day moving average price of $68.15. The firm has a market capitalization of $18.66 billion, a price-to-earnings ratio of 53.59, a price-to-earnings-growth ratio of 4.20 and a beta of 1.17. The company has a current ratio of 1.60, a quick ratio of 1.52 and a debt-to-equity ratio of 0.24. Cadence Design Systems Inc has a fifty-two week low of $39.08 and a fifty-two week high of $77.08.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $580.42 million for the quarter, compared to analyst estimates of $579.41 million. Cadence Design Systems had a return on equity of 31.86% and a net margin of 18.83%. Cadence Design Systems’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.45 earnings per share. On average, equities analysts anticipate that Cadence Design Systems Inc will post 1.48 earnings per share for the current fiscal year.
A number of analysts have recently commented on CDNS shares. Bank of America started coverage on Cadence Design Systems in a research note on Monday, September 23rd. They issued a “neutral” rating and a $73.00 price objective on the stock. Credit Suisse Group boosted their price objective on Cadence Design Systems from $62.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Wells Fargo & Co raised Cadence Design Systems from a “market perform” rating to an “outperform” rating in a research note on Friday. DA Davidson boosted their price objective on Cadence Design Systems to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, ValuEngine downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Six 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 stock. The company presently has a consensus rating of “Buy” and an average price target of $67.89.
Cadence Design Systems Company 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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