Sigma Planning Corp bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the second quarter, Holdings Channel reports. The fund bought 56,674 shares of the software maker’s stock, valued at approximately $1,898,000.

A number of other institutional investors also recently added to or reduced their stakes in CDNS. Creative Planning boosted its position in Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock valued at $110,000 after buying an additional 2,323 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in Cadence Design Systems by 0.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,370 shares of the software maker’s stock valued at $200,000 after buying an additional 31 shares during the last quarter. Quantitative Systematic Strategies LLC bought a new position in Cadence Design Systems during the first quarter valued at approximately $205,000. Janney Capital Management LLC bought a new position in Cadence Design Systems during the first quarter valued at approximately $225,000. Finally, Atria Investments LLC bought a new position in Cadence Design Systems during the second quarter valued at approximately $231,000. Hedge funds and other institutional investors own 86.47% of the company’s stock.

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at 36.34 on Friday. The firm has a 50-day moving average of $35.17 and a 200 day moving average of $32.66. The company has a market cap of $10.18 billion, a price-to-earnings ratio of 42.26 and a beta of 0.94. Cadence Design Systems, Inc. has a one year low of $24.03 and a one year high of $37.51.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.02. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The company had revenue of $479 million during the quarter, compared to the consensus estimate of $476.21 million. During the same quarter last year, the firm earned $0.29 earnings per share. The company’s revenue was up 5.7% on a year-over-year basis. Equities research analysts anticipate that Cadence Design Systems, Inc. will post $1.39 EPS for the current year.

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Several equities analysts recently commented on CDNS shares. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Thursday, July 27th. Bank of America Corporation boosted their price target on shares of Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. BidaskClub lowered shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Royal Bank Of Canada reissued a “buy” rating on shares of Cadence Design Systems in a report on Friday, July 7th. Finally, DA Davidson lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $33.67.

In other news, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $34.04, for a total transaction of $3,404,000.00. Following the completion of the sale, the chief executive officer now owns 583,332 shares of the company’s stock, valued at $19,856,621.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas P. Beckley sold 56,250 shares of Cadence Design Systems stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total value of $1,968,750.00. Following the sale, the insider now directly owns 322,734 shares of the company’s stock, valued at approximately $11,295,690. The disclosure for this sale can be found here. Insiders have sold 434,656 shares of company stock valued at $14,786,334 in the last three months. Insiders own 2.55% of the company’s stock.

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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