Suntrust Banks Inc. decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 64.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,332 shares of the software maker’s stock after selling 25,949 shares during the period. Suntrust Banks Inc.’s holdings in Cadence Design Systems were worth $479,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. OMERS ADMINISTRATION Corp acquired a new position in Cadence Design Systems during the 2nd quarter valued at about $2,170,000. Mn Services Vermogensbeheer B.V. increased its stake in Cadence Design Systems by 490.3% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 45,258 shares of the software maker’s stock valued at $1,516,000 after buying an additional 37,591 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in Cadence Design Systems by 134.2% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 204,187 shares of the software maker’s stock valued at $6,838,000 after buying an additional 117,005 shares during the period. First Trust Advisors LP increased its stake in Cadence Design Systems by 89.7% during the 2nd quarter. First Trust Advisors LP now owns 460,774 shares of the software maker’s stock valued at $15,431,000 after buying an additional 217,889 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in Cadence Design Systems by 15.7% during the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 160,124 shares of the software maker’s stock valued at $3,891,000 after buying an additional 21,762 shares during the period. 84.27% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CFO Geoffrey G. Ribar sold 15,000 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $37.55, for a total value of $563,250.00. Following the completion of the sale, the chief financial officer now directly owns 184,413 shares of the company’s stock, valued at approximately $6,924,708.15. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Geoffrey G. Ribar sold 35,000 shares of the company’s 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 completion of the sale, the chief financial officer now directly owns 204,413 shares of the company’s stock, valued at $7,626,649.03. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 316,286 shares of company stock valued at $11,395,640. 2.55% of the stock is currently owned by company insiders.

Cadence Design Systems, Inc. (CDNS) opened at 41.01 on Wednesday. The stock has a 50 day moving average of $38.69 and a 200 day moving average of $35.20. The firm has a market cap of $11.49 billion, a PE ratio of 47.69 and a beta of 0.93. Cadence Design Systems, Inc. has a 52 week low of $24.15 and a 52 week high of $41.14.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. The company had revenue of $479.00 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 revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post $1.39 EPS for the current year.

Several equities analysts have recently issued reports on the stock. Royal Bank Of Canada lifted their price objective on shares of Cadence Design Systems from $39.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday. BidaskClub raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Zacks Investment Research cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Credit Suisse Group reaffirmed an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. Finally, Bank of America Corporation lifted their price objective on shares of Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $35.60.

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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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