Pitcairn Co. increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 395.0% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 45,565 shares of the software maker’s stock after buying an additional 36,360 shares during the period. Pitcairn Co.’s holdings in Cadence Design Systems were worth $1,526,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of CDNS. BlackRock Inc. boosted its position in shares of Cadence Design Systems by 6,398.5% in the first quarter. BlackRock Inc. now owns 26,541,567 shares of the software maker’s stock valued at $833,406,000 after buying an additional 26,133,138 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Cadence Design Systems during the first quarter valued at about $81,715,000. Goldman Sachs Group Inc. boosted its position in shares of Cadence Design Systems by 48.1% in the first quarter. Goldman Sachs Group Inc. now owns 4,771,026 shares of the software maker’s stock valued at $149,811,000 after buying an additional 1,549,905 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Cadence Design Systems during the first quarter valued at about $38,468,000. Finally, Old Mutual Global Investors UK Ltd. boosted its position in shares of Cadence Design Systems by 56.7% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 2,948,849 shares of the software maker’s stock valued at $92,593,000 after buying an additional 1,067,215 shares during the last quarter. Institutional investors and hedge funds own 86.47% of the company’s stock.

Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at 36.34 on Friday. The firm’s 50-day moving average is $35.17 and its 200-day moving average is $32.66. Cadence Design Systems, Inc. has a 12 month low of $24.03 and a 12 month high of $37.51. The stock has a market cap of $10.18 billion, a P/E ratio of 42.26 and a beta of 0.94.

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, beating the consensus estimate of $0.32 by $0.02. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The company had revenue of $479 million during the quarter, compared to the consensus estimate of $476.21 million. During the same quarter in the previous year, the company posted $0.29 earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities analysts forecast that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.

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Several research analysts have recently issued reports on CDNS shares. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a report on Thursday, April 27th. BidaskClub downgraded shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. DA Davidson downgraded shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 25th. Royal Bank Of Canada reiterated a “buy” rating and issued a $33.00 price target on shares of Cadence Design Systems in a research report on Tuesday, April 18th. Finally, Bank of America Corporation upped their price target on shares of Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $33.67.

In related news, VP James J. Cowie sold 44,000 shares of Cadence Design Systems stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $33.09, for a total transaction of $1,455,960.00. Following the sale, the vice president now directly owns 137,332 shares in the company, valued at $4,544,315.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 in the company, valued at $8,073,286.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 434,656 shares of company stock valued at $14,786,334. Corporate 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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