Alkeon Capital Management LLC raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,726,059 shares of the software maker’s stock after buying an additional 15,000 shares during the quarter. Cadence Design Systems accounts for 1.6% of Alkeon Capital Management LLC’s portfolio, making the stock its 12th largest position. Alkeon Capital Management LLC owned about 2.03% of Cadence Design Systems worth $226,007,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of CDNS. Caxton Associates LP lifted its position in shares of Cadence Design Systems by 0.6% in the second quarter. Caxton Associates LP now owns 15,900 shares of the software maker’s stock worth $532,000 after purchasing an additional 100 shares in the last quarter. Wetherby Asset Management Inc. lifted its position in shares of Cadence Design Systems by 1.2% in the second quarter. Wetherby Asset Management Inc. now owns 9,581 shares of the software maker’s stock worth $321,000 after purchasing an additional 109 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Cadence Design Systems by 6.4% in the second quarter. PNC Financial Services Group Inc. now owns 10,130 shares of the software maker’s stock worth $338,000 after purchasing an additional 612 shares in the last quarter. ETRADE Capital Management LLC lifted its position in shares of Cadence Design Systems by 5.0% in the second quarter. ETRADE Capital Management LLC now owns 18,909 shares of the software maker’s stock worth $633,000 after purchasing an additional 899 shares in the last quarter. Finally, Comerica Bank lifted its position in shares of Cadence Design Systems by 0.4% in the second quarter. Comerica Bank now owns 218,060 shares of the software maker’s stock worth $7,647,000 after purchasing an additional 973 shares in the last quarter. 84.82% of the stock is owned by institutional investors.

A number of research firms have recently issued reports on CDNS. BidaskClub raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 16th. Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. KeyCorp restated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, November 26th. Royal Bank of Canada increased their price objective on Cadence Design Systems from $39.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 11th. Finally, DA Davidson increased their price objective on Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $40.60.

In related news, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 445,833 shares of the company’s stock, valued at $18,711,611.01. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John M. Wall sold 750 shares of the firm’s stock in a transaction on Monday, October 9th. The stock was 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 230,224 shares of company stock valued at $9,879,242 over the last three months. 2.55% of the stock is owned by company insiders.

Shares of Cadence Design Systems, Inc. (NASDAQ CDNS) opened at $43.50 on Tuesday. 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. The firm has a market capitalization of $12,299.60, a P/E ratio of 46.84, a PEG ratio of 3.44 and a beta of 0.93.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, beating the 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 analysts’ expectations of $481.10 million. During the same period in the prior year, the business earned $0.30 earnings per share. Cadence Design Systems’s revenue for the quarter was up 8.8% compared to the same quarter last year. sell-side analysts anticipate that Cadence Design Systems, Inc. will post 1.06 EPS for the current fiscal year.

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About Cadence Design Systems

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).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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