Cadence Design Systems Inc. (CDNS) Stake Boosted by BlackRock Advisors LLC
BlackRock Advisors LLC increased its stake in Cadence Design Systems Inc. (NASDAQ:CDNS) by 118.5% during the second quarter, Holdings Channel reports. The fund owned 411,172 shares of the company’s stock after buying an additional 222,960 shares during the period. BlackRock Advisors LLC owned about 0.14% of Cadence Design Systems worth $9,992,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. Daiwa Securities Group Inc. bought a new stake in shares of Cadence Design Systems during the second quarter valued at approximately $168,000. Mn Services Vermogensbeheer B.V. purchased a new position in shares of Cadence Design Systems during the second quarter valued at $168,000. Penserra Capital Management LLC purchased a new position in shares of Cadence Design Systems during the second quarter valued at $169,000. Strs Ohio purchased a new position in shares of Cadence Design Systems during the second quarter valued at $183,000. Finally, Acrospire Investment Management LLC purchased a new position in shares of Cadence Design Systems during the first quarter valued at $200,000. 85.57% of the stock is owned by institutional investors.
Cadence Design Systems Inc. (NASDAQ:CDNS) opened at 25.53 on Friday. Cadence Design Systems Inc. has a 12 month low of $18.32 and a 12 month high of $26.24. The stock has a market cap of $7.46 billion, a PE ratio of 30.25 and a beta of 1.14. The stock has a 50 day moving average price of $25.20 and a 200-day moving average price of $24.45.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 25th. The company reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.01. Cadence Design Systems had a return on equity of 21.48% and a net margin of 14.52%. The business earned $453 million during the quarter, compared to the consensus estimate of $449.54 million. During the same period in the previous year, the business earned $0.27 EPS. The business’s quarterly revenue was up 8.9% on a year-over-year basis. On average, analysts expect that Cadence Design Systems Inc. will post $1.20 EPS for the current year.
CDNS has been the topic of a number of recent analyst reports. Needham & Company LLC cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, June 14th. They noted that the move was a valuation call. Bank of America Corp. reiterated a “buy” rating and set a $30.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 26th. Finally, RBC Capital Markets reiterated an “outperform” rating and set a $29.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 26th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $26.25.
In related news, VP Chi-Ping Hsu sold 3,750 shares of the company’s stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $25.60, for a total transaction of $96,000.00. Following the completion of the transaction, the vice president now directly owns 253,214 shares in the company, valued at approximately $6,482,278.40. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Lip Bu Tan sold 25,000 shares of the company’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $25.59, for a total value of $639,750.00. Following the transaction, the chief executive officer now owns 512,498 shares of the company’s stock, valued at $13,114,823.82. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.
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