Hussman Strategic Advisors Inc. Lowers Stake in Cadence Design Systems, Inc. (CDNS)
Hussman Strategic Advisors Inc. reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 50.0% during the second quarter, Holdings Channel reports. The firm owned 75,000 shares of the software maker’s stock after selling 75,000 shares during the period. Hussman Strategic Advisors Inc.’s holdings in Cadence Design Systems were worth $2,512,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of CDNS. Creative Planning increased 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 period. Benjamin F. Edwards & Company Inc. increased its position in shares of 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 valued at $200,000 after buying an additional 31 shares during the period. Quantitative Systematic Strategies LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at $205,000. Janney Capital Management LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at $225,000. Finally, Atria Investments LLC acquired a new position in shares of Cadence Design Systems during the second quarter valued at $231,000. Institutional investors own 86.47% of the company’s stock.
Shares of Cadence Design Systems, Inc. (CDNS) opened at 36.63 on Tuesday. The company has a 50-day moving average of $34.68 and a 200-day moving average of $32.19. Cadence Design Systems, Inc. has a 1-year low of $23.88 and a 1-year high of $37.51. The firm has a market cap of $10.26 billion, a PE ratio of 42.59 and a beta of 0.94.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.02. The firm had revenue of $479 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.29 earnings per share. Analysts predict that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.
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CDNS has been the topic of a number of analyst reports. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $36.00 price objective on the stock in a research note on Thursday, April 27th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Cadence Design Systems in a research note on Friday, July 7th. DA Davidson cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 25th. BidaskClub cut shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Finally, Bank of America Corporation raised 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 analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Cadence Design Systems presently has a consensus rating of “Hold” and an average target price of $33.67.
In related news, insider Thomas P. Beckley sold 56,250 shares of the stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the transaction, the insider now directly owns 322,734 shares in the company, valued at $11,295,690. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $3,404,000.00. Following the transaction, the chief executive officer now owns 583,332 shares in the company, valued at $19,856,621.28. The disclosure for this sale can be found here. Insiders sold 434,656 shares of company stock worth $14,786,334 in the last three months. 2.55% of the stock is owned by corporate insiders.
About Cadence Design Systems
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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