Cadence Design Systems, Inc. (CDNS) Position Maintained by NJ State Employees Deferred Compensation Plan
NJ State Employees Deferred Compensation Plan continued to hold its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,250 shares of the software maker’s stock at the end of the second quarter. NJ State Employees Deferred Compensation Plan’s holdings in Cadence Design Systems were worth $1,281,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of CDNS. Creative Planning boosted its position in shares of Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock valued at $110,000 after buying an additional 2,323 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in 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 worth $200,000 after buying an additional 31 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in shares of Cadence Design Systems during the first quarter valued at about $205,000. Atria Investments LLC acquired a new stake in shares of Cadence Design Systems during the second quarter valued at about $231,000. Finally, Janney Capital Management LLC acquired a new stake in shares of Cadence Design Systems during the first quarter valued at about $225,000. Institutional investors and hedge funds own 86.08% of the company’s stock.
Shares of Cadence Design Systems, Inc. (CDNS) traded up 0.257% during mid-day trading on Tuesday, reaching $37.105. The company’s stock had a trading volume of 775,136 shares. The firm has a market capitalization of $10.40 billion, a PE ratio of 43.145 and a beta of 0.94. The firm has a 50-day moving average of $35.25 and a 200-day moving average of $32.83. Cadence Design Systems, Inc. has a 52 week low of $24.15 and a 52 week high of $37.51.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.02. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The business had revenue of $479 million for the quarter, compared to analyst estimates of $476.21 million. During the same quarter last year, the business earned $0.29 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts forecast that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.
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A number of research firms have issued reports on CDNS. 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. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 1st. Bank of America Corporation upped their target price on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. Royal Bank Of Canada boosted their price target on Cadence Design Systems from $36.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 25th. Finally, DA Davidson lowered Cadence Design Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Cadence Design Systems has a consensus rating of “Hold” and an average target price of $33.67.
In other news, VP James J. Cowie sold 44,000 shares of the firm’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $33.09, for a total transaction of $1,455,960.00. Following the transaction, the vice president now owns 137,332 shares in the company, valued at approximately $4,544,315.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $32.62, for a total transaction of $959,223.72. Following the transaction, the insider now owns 247,495 shares in the company, valued at approximately $8,073,286.90. The disclosure for this sale can be found here. Insiders have sold 434,656 shares of company stock valued at $14,786,334 over the last 90 days. 2.55% of the stock is currently 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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