Fort L.P. Has $2.22 Million Position in Cadence Design Systems Inc (NASDAQ:CDNS)
Fort L.P. lifted its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 47.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,986 shares of the software maker’s stock after buying an additional 11,218 shares during the quarter. Fort L.P.’s holdings in Cadence Design Systems were worth $2,222,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Harvest Group Wealth Management LLC bought a new position in Cadence Design Systems during the first quarter worth $37,000. Parallel Advisors LLC boosted its position in Cadence Design Systems by 29.4% during the first quarter. Parallel Advisors LLC now owns 718 shares of the software maker’s stock worth $46,000 after purchasing an additional 163 shares during the period. JNBA Financial Advisors bought a new position in Cadence Design Systems during the fourth quarter worth $39,000. Lindbrook Capital LLC bought a new position in Cadence Design Systems during the fourth quarter worth $52,000. Finally, Bessemer Group Inc. boosted its position in Cadence Design Systems by 51.9% during the fourth quarter. Bessemer Group Inc. now owns 1,344 shares of the software maker’s stock worth $59,000 after purchasing an additional 459 shares during the period. 87.40% of the stock is owned by institutional investors and hedge funds.
In other news, insider Aneel Zaman sold 66,808 shares of Cadence Design Systems stock in a transaction on Monday, March 25th. The stock was sold at an average price of $61.77, for a total transaction of $4,126,730.16. Following the completion of the sale, the insider now owns 285,961 shares of the company’s stock, valued at $17,663,810.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Surendra Babu Mandava sold 4,235 shares of Cadence Design Systems stock in a transaction on Friday, June 7th. The stock was sold at an average price of $64.87, for a total value of $274,724.45. Following the sale, the insider now directly owns 305,888 shares of the company’s stock, valued at approximately $19,842,954.56. The disclosure for this sale can be found here. Insiders have sold 211,645 shares of company stock valued at $13,625,475 in the last three months. Insiders own 2.34% of the company’s stock.
Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.08. Cadence Design Systems had a return on equity of 30.86% and a net margin of 17.91%. The company had revenue of $577.00 million during the quarter, compared to the consensus estimate of $569.34 million. During the same quarter last year, the firm earned $0.40 earnings per share. The company’s revenue was up 11.6% on a year-over-year basis. On average, sell-side analysts predict that Cadence Design Systems Inc will post 1.46 EPS for the current year.
A number of research firms have commented on CDNS. BidaskClub cut shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $63.00 price objective for the company in a research report on Friday, February 22nd. Credit Suisse Group lifted their price objective on shares of Cadence Design Systems from $46.00 to $62.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. ValuEngine raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 23rd. Finally, KeyCorp began coverage on shares of Cadence Design Systems in a research report on Wednesday, April 10th. They set a “sector weight” rating for the company. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $59.44.
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Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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