Cadence Design Systems, Inc. (CDNS) Position Decreased by Profund Advisors LLC
Profund Advisors LLC trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 23.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 32,683 shares of the software maker’s stock after selling 9,820 shares during the period. Profund Advisors LLC’s holdings in Cadence Design Systems were worth $1,095,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. Laurion Capital Management LP bought a new position in shares of Cadence Design Systems in the 2nd quarter valued at approximately $1,752,000. Stevens Capital Management LP bought a new position in shares of Cadence Design Systems in the 2nd quarter valued at approximately $980,000. BT Investment Management Ltd bought a new position in shares of Cadence Design Systems in the 2nd quarter valued at approximately $261,000. BlueMountain Capital Management LLC raised its stake in shares of Cadence Design Systems by 4,245.1% in the 2nd quarter. BlueMountain Capital Management LLC now owns 27,374 shares of the software maker’s stock valued at $917,000 after acquiring an additional 26,744 shares in the last quarter. Finally, Amalgamated Bank raised its stake in shares of Cadence Design Systems by 25.9% in the 2nd quarter. Amalgamated Bank now owns 57,527 shares of the software maker’s stock valued at $1,927,000 after acquiring an additional 11,819 shares in the last quarter. 84.27% of the stock is currently owned by institutional investors and hedge funds.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $34.68, for a total value of $3,468,000.00. Following the sale, the chief executive officer now owns 583,332 shares in the company, valued at $20,229,953.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Geoffrey G. Ribar sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $37.55, for a total value of $563,250.00. Following the completion of the sale, the chief financial officer now owns 184,413 shares in the company, valued at approximately $6,924,708.15. The disclosure for this sale can be found here. Insiders have sold 316,286 shares of company stock worth $11,395,640 in the last quarter. 2.55% of the stock is currently owned by corporate insiders.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping the 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 business had revenue of $479.00 million for the quarter, compared to analyst estimates of $476.21 million. During the same quarter in the prior year, the company posted $0.29 earnings per share. Cadence Design Systems’s revenue was up 5.7% on a year-over-year basis.
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A number of brokerages recently weighed in on CDNS. Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Thursday, July 27th. Bank of America Corporation raised their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. Finally, Royal Bank Of Canada raised their price objective on Cadence Design Systems from $36.00 to $39.00 and gave the company an “outperform” rating in a research note on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $33.67.
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).
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