First Mercantile Trust Co. reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.2% during the second quarter, Holdings Channel reports. The firm owned 34,502 shares of the software maker’s stock after selling 6,674 shares during the period. First Mercantile Trust Co.’s holdings in Cadence Design Systems were worth $1,155,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in CDNS. Teachers Advisors LLC raised its position in Cadence Design Systems by 26.4% in the fourth quarter. Teachers Advisors LLC now owns 347,424 shares of the software maker’s stock worth $8,762,000 after buying an additional 72,492 shares during the period. Gulf International Bank UK Ltd raised its position in shares of Cadence Design Systems by 0.5% in the first quarter. Gulf International Bank UK Ltd now owns 89,650 shares of the software maker’s stock worth $2,815,000 after buying an additional 450 shares during the last quarter. Capstone Asset Management Co. raised its position in shares of Cadence Design Systems by 2.3% in the first quarter. Capstone Asset Management Co. now owns 27,201 shares of the software maker’s stock worth $854,000 after buying an additional 600 shares during the last quarter. Cim LLC raised its position in shares of Cadence Design Systems by 4.1% in the first quarter. Cim LLC now owns 18,960 shares of the software maker’s stock worth $595,000 after buying an additional 755 shares during the last quarter. Finally, DnB Asset Management AS raised its position in shares of Cadence Design Systems by 25.7% in the first quarter. DnB Asset Management AS now owns 22,500 shares of the software maker’s stock worth $706,000 after buying an additional 4,600 shares during the last quarter. 86.47% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at 36.34 on Friday. The company has a 50-day moving average price of $35.17 and a 200-day moving average price of $32.66. The stock has a market cap of $10.18 billion, a price-to-earnings ratio of 42.26 and a beta of 0.94. Cadence Design Systems, Inc. has a 52 week low of $24.03 and a 52 week high of $37.51.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data 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 prior year, the firm posted $0.29 earnings per share. Cadence Design Systems’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts anticipate that Cadence Design Systems, Inc. will post $1.39 EPS for the current year.

TRADEMARK VIOLATION WARNING: “Cadence Design Systems, Inc. (CDNS) Stake Lowered by First Mercantile Trust Co.” was originally reported by Daily Political and is owned by of Daily Political. If you are viewing this piece of content on another publication, it was stolen and republished in violation of United States & international trademark & copyright legislation. The legal version of this piece of content can be read at https://www.dailypolitical.com/2017/08/12/cadence-design-systems-inc-cdns-stake-lowered-by-first-mercantile-trust-co.html.

A number of equities analysts recently commented on CDNS shares. Royal Bank Of Canada reissued a “buy” rating and set a $33.00 price target on shares of Cadence Design Systems in a research note on Tuesday, April 18th. DA Davidson downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 25th. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $36.00 price objective on the stock in a research report on Thursday, April 27th. BidaskClub downgraded Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. Finally, Bank of America Corporation upped their price objective on 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 analyst has rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Cadence Design Systems presently has an average rating of “Hold” and a consensus target price of $33.67.

In related news, VP James J. Cowie sold 55,000 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $33.28, for a total transaction of $1,830,400.00. Following the completion of the transaction, the vice president now directly owns 137,332 shares of the company’s stock, valued at $4,570,408.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Aneel Zaman sold 29,406 shares of the stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $32.62, for a total transaction of $959,223.72. Following the transaction, the insider now directly owns 247,495 shares of the company’s stock, valued at $8,073,286.90. The disclosure for this sale can be found here. Insiders sold 434,656 shares of company stock valued at $14,786,334 in the last 90 days. 2.55% of the stock is currently owned by insiders.

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).

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNS).

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

Receive News & Ratings for Cadence Design Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.