Cadence Design Systems Inc (CDNS) Shares Sold by Frontier Capital Management Co. LLC
Frontier Capital Management Co. LLC trimmed its stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 29.1% in the fourth quarter, HoldingsChannel reports. The firm owned 1,465,448 shares of the software maker’s stock after selling 601,475 shares during the quarter. Frontier Capital Management Co. LLC’s holdings in Cadence Design Systems were worth $61,285,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in CDNS. Advisor Group Inc. increased its position in Cadence Design Systems by 151.4% during the 3rd quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock worth $165,000 after purchasing an additional 2,505 shares in the last quarter. Dupont Capital Management Corp acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $170,000. Parkwood LLC acquired a new position in Cadence Design Systems in the 3rd quarter valued at approximately $201,000. Coldstream Capital Management Inc. acquired a new position in Cadence Design Systems in the 3rd quarter valued at approximately $207,000. Finally, Financial Partners Capital Management LLC acquired a new position in Cadence Design Systems in the 3rd quarter valued at approximately $214,000. Institutional investors and hedge funds own 84.77% of the company’s stock.
In other news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction on Friday, December 15th. The shares were sold at an average price of $43.52, for a total transaction of $4,352,000.00. Following the completion of the sale, the chief executive officer now directly owns 533,333 shares in the company, valued at $23,210,652.16. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO John M. Wall sold 750 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $43.83, for a total transaction of $32,872.50. Following the sale, the chief financial officer now owns 110,823 shares of the company’s stock, valued at $4,857,372.09. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 350,500 shares of company stock valued at $15,440,828. 2.55% of the stock is currently owned by corporate insiders.
Cadence Design Systems Inc (CDNS) opened at $45.60 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.79 and a quick ratio of 1.72. Cadence Design Systems Inc has a 12-month low of $25.62 and a 12-month high of $45.74. The stock has a market cap of $12,689.26, a P/E ratio of 49.03, a price-to-earnings-growth ratio of 3.68 and a beta of 0.94.
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, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. 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 company posted $0.30 earnings per share. Cadence Design Systems’s revenue for the quarter was up 8.8% compared to the same quarter last year. equities research analysts predict that Cadence Design Systems Inc will post 1.06 earnings per share for the current year.
CDNS has been the subject of several recent research reports. KeyCorp restated a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, November 26th. Royal Bank of Canada restated a “buy” rating and issued a $46.00 price target on shares of Cadence Design Systems in a research report on Friday, October 27th. Zacks Investment Research cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. BidaskClub cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, December 27th. Finally, DA Davidson upped their price target on shares of Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $44.50.
Cadence Design Systems 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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