Cadence Design Systems Inc (CDNS) Shares Bought by Rhumbline Advisers
Rhumbline Advisers raised its holdings in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 5.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 544,418 shares of the software maker’s stock after acquiring an additional 27,824 shares during the quarter. Rhumbline Advisers’ holdings in Cadence Design Systems were worth $23,579,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in CDNS. Campbell & CO Investment Adviser LLC purchased a new position in Cadence Design Systems during the 1st quarter valued at about $204,000. Intact Investment Management Inc. purchased a new position in Cadence Design Systems during the 1st quarter valued at about $206,000. United Capital Financial Advisers LLC purchased a new position in Cadence Design Systems during the 1st quarter valued at about $206,000. Thompson Siegel & Walmsley LLC grew its stake in Cadence Design Systems by 114.8% during the 1st quarter. Thompson Siegel & Walmsley LLC now owns 5,800 shares of the software maker’s stock valued at $213,000 after acquiring an additional 3,100 shares in the last quarter. Finally, Point72 Asia Hong Kong Ltd grew its stake in Cadence Design Systems by 32,672.2% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 5,899 shares of the software maker’s stock valued at $217,000 after acquiring an additional 5,881 shares in the last quarter. 88.66% of the stock is currently owned by institutional investors.
Several equities analysts have weighed in on the company. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research note on Thursday, April 26th. DA Davidson lifted their target price on Cadence Design Systems to $52.00 and gave the company a “buy” rating in a research note on Tuesday, July 24th. BidaskClub raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Thursday. Needham & Company LLC lifted their target price on Cadence Design Systems from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 24th. Finally, JPMorgan Chase & Co. boosted their price target on Cadence Design Systems from $34.00 to $42.00 and gave the company an “underweight” rating in a research note on Tuesday, April 24th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Cadence Design Systems presently has a consensus rating of “Buy” and an average price target of $48.43.
Shares of NASDAQ CDNS opened at $45.18 on Friday. The company has a market capitalization of $12.78 billion, a P/E ratio of 42.62, a PEG ratio of 3.78 and a beta of 1.14. Cadence Design Systems Inc has a 52 week low of $35.49 and a 52 week high of $46.99. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.30 and a quick ratio of 1.26.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 23rd. The software maker reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.05. The business had revenue of $518.40 million during the quarter, compared to analysts’ expectations of $514.94 million. Cadence Design Systems had a return on equity of 28.38% and a net margin of 10.62%. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.34 EPS. equities analysts forecast that Cadence Design Systems Inc will post 1 earnings per share for the current year.
About Cadence Design Systems
Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.
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