Summit Securities Group LLC lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 67.6% during the second quarter, Holdings Channel reports. The firm owned 20,260 shares of the software maker’s stock after selling 42,296 shares during the period. Summit Securities Group LLC’s holdings in Cadence Design Systems were worth $679,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CDNS. Benjamin F. Edwards & Company Inc. raised its stake in shares of 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. Victory Capital Management Inc. raised its stake in shares of Cadence Design Systems by 0.3% in the first quarter. Victory Capital Management Inc. now owns 39,348 shares of the software maker’s stock valued at $1,236,000 after buying an additional 105 shares during the last quarter. Wetherby Asset Management Inc. raised its stake 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 valued at $321,000 after buying an additional 109 shares during the last quarter. Advantus Capital Management Inc raised its stake in shares of Cadence Design Systems by 0.3% in the first quarter. Advantus Capital Management Inc now owns 35,693 shares of the software maker’s stock valued at $1,121,000 after buying an additional 112 shares during the last quarter. Finally, Capstone Asset Management Co. raised its stake in shares of Cadence Design Systems by 1.0% in the second quarter. Capstone Asset Management Co. now owns 27,461 shares of the software maker’s stock valued at $920,000 after buying an additional 260 shares during the last quarter. Institutional investors and hedge funds own 86.47% of the company’s stock.

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at 36.19 on Friday. The company has a market capitalization of $10.14 billion, a price-to-earnings ratio of 42.08 and a beta of 0.94. The firm has a 50 day moving average price of $35.11 and a 200 day moving average price of $32.58. Cadence Design Systems, Inc. has a 52 week low of $24.03 and a 52 week high of $37.51.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 24th. The software maker reported $0.34 EPS 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 for the quarter, compared to analysts’ expectations of $476.21 million. During the same period last year, the firm earned $0.29 EPS. Cadence Design Systems’s revenue for the quarter was up 5.7% compared to the same quarter last year. Equities analysts forecast that Cadence Design Systems, Inc. will post $1.39 EPS for the current year.

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Several brokerages have issued reports on CDNS. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research note on Thursday, April 27th. Royal Bank Of Canada boosted their target price 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. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 13th. DA Davidson lowered Cadence Design Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 25th. Finally, Bank of America Corporation boosted their target price 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $33.67.

In related news, insider Thomas P. Beckley sold 56,250 shares of the firm’s 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 transaction, the insider now directly owns 322,734 shares of the company’s stock, valued at approximately $11,295,690. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Aneel Zaman sold 29,406 shares of the firm’s stock in a transaction on Friday, May 19th. The stock was sold at an average price of $32.62, for a total value of $959,223.72. Following the completion of the transaction, the insider now directly owns 247,495 shares in the company, valued at $8,073,286.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 434,656 shares of company stock worth $14,786,334. 2.55% of the stock is owned by insiders.

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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