Eaton Vance Management continued to hold its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 424,974 shares of the software maker’s stock at the close of the 2nd quarter. Eaton Vance Management owned 0.15% of Cadence Design Systems worth $14,232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in shares of Cadence Design Systems by 0.3% during the first quarter. Victory Capital Management Inc. now owns 39,348 shares of the software maker’s stock valued at $1,236,000 after purchasing an additional 105 shares in the last quarter. Wetherby Asset Management Inc. boosted its stake in shares of Cadence Design Systems by 1.2% during the second quarter. Wetherby Asset Management Inc. now owns 9,581 shares of the software maker’s stock valued at $321,000 after purchasing an additional 109 shares in the last quarter. Advantus Capital Management Inc boosted its stake in shares of Cadence Design Systems by 0.3% during the first quarter. Advantus Capital Management Inc now owns 35,693 shares of the software maker’s stock valued at $1,121,000 after purchasing an additional 112 shares in the last quarter. Capstone Asset Management Co. boosted its stake in shares of Cadence Design Systems by 1.0% during the second quarter. Capstone Asset Management Co. now owns 27,461 shares of the software maker’s stock valued at $920,000 after purchasing an additional 260 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of Cadence Design Systems by 1.2% during the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 25,277 shares of the software maker’s stock valued at $794,000 after purchasing an additional 300 shares in the last quarter. 84.27% of the stock is currently owned by hedge funds and other institutional investors.

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A number of analysts have recently commented on the company. Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Bank of America Corporation lifted their price target 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. Finally, Royal Bank Of Canada lifted their price target 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. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $33.67.

Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at 38.24 on Monday. The company has a 50 day moving average price of $37.13 and a 200-day moving average price of $33.94. Cadence Design Systems, Inc. has a 1-year low of $24.15 and a 1-year high of $39.49. The firm has a market capitalization of $10.71 billion, a price-to-earnings ratio of 44.47 and a beta of 0.92.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.02. The company had revenue of $479 million during the quarter, compared to analysts’ expectations of $476.21 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. Cadence Design Systems’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.29 EPS. On average, analysts forecast that Cadence Design Systems, Inc. will post $1.39 EPS for the current fiscal year.

In related news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $34.04, for a total transaction of $3,404,000.00. Following the completion of the sale, the chief executive officer now directly owns 583,332 shares in the company, valued at approximately $19,856,621.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Geoffrey G. Ribar sold 35,000 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $37.31, for a total value of $1,305,850.00. Following the sale, the chief financial officer now owns 204,413 shares of the company’s stock, valued at $7,626,649.03. The disclosure for this sale can be found here. Insiders have sold a total of 416,286 shares of company stock valued at $14,799,640 over the last 90 days. 2.55% of the stock is currently owned by company 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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