Canada Pension Plan Investment Board boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,562,200 shares of the software maker’s stock after buying an additional 43,600 shares during the period. Canada Pension Plan Investment Board’s holdings in Cadence Design Systems were worth $52,318,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Cigna Investments Inc. New raised its position in Cadence Design Systems by 195.5% in the second quarter. Cigna Investments Inc. New now owns 34,693 shares of the software maker’s stock valued at $1,162,000 after buying an additional 22,952 shares during the last quarter. HL Financial Services LLC raised its position in Cadence Design Systems by 1.0% in the second quarter. HL Financial Services LLC now owns 111,617 shares of the software maker’s stock valued at $3,738,000 after buying an additional 1,140 shares during the last quarter. Pictet Asset Management Ltd. raised its position in Cadence Design Systems by 2.7% in the second quarter. Pictet Asset Management Ltd. now owns 4,191,828 shares of the software maker’s stock valued at $147,301,000 after buying an additional 108,344 shares during the last quarter. Camelot Portfolios LLC purchased a new position in Cadence Design Systems during the second quarter valued at about $315,000. Finally, Beach Investment Management LLC. purchased a new position in Cadence Design Systems during the second quarter valued at about $309,000. Institutional investors and hedge funds own 86.47% of the company’s stock.

Cadence Design Systems, Inc. (CDNS) opened at 36.19 on Friday. The firm has a market cap of $10.14 billion, a price-to-earnings ratio of 42.08 and a beta of 0.94. Cadence Design Systems, Inc. has a 12-month low of $24.03 and a 12-month high of $37.51. The company has a 50-day moving average of $35.11 and a 200 day moving average of $32.58.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. The business had revenue of $479 million for the quarter, compared to analyst estimates of $476.21 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The company’s revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 EPS. Equities analysts expect that Cadence Design Systems, Inc. will post $1.39 EPS for the current fiscal year.

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Several research firms recently issued reports on CDNS. BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 1st. Zacks Investment Research lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Bank of America Corporation boosted their target price on shares of Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. Royal Bank Of Canada boosted their target price on shares of Cadence Design Systems from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday, July 25th. Finally, DA Davidson lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $33.67.

In other news, insider Aneel Zaman sold 29,406 shares of Cadence Design Systems stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $32.62, for a total transaction of $959,223.72. Following the sale, the insider now owns 247,495 shares of the company’s stock, valued at approximately $8,073,286.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas P. Beckley sold 56,250 shares of Cadence Design Systems stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the sale, the insider now directly owns 322,734 shares in the company, valued at approximately $11,295,690. The disclosure for this sale can be found here. In the last three months, insiders sold 434,656 shares of company stock worth $14,786,334. Insiders own 2.55% of the company’s stock.

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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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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