Shell Asset Management Co. lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 42.0% during the second quarter, Holdings Channel reports. The fund owned 19,602 shares of the software maker’s stock after selling 14,201 shares during the period. Shell Asset Management Co.’s holdings in Cadence Design Systems were worth $656,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Russell Investments Group Ltd. boosted its position in Cadence Design Systems by 81.7% in the first quarter. Russell Investments Group Ltd. now owns 869,057 shares of the software maker’s stock valued at $27,289,000 after buying an additional 390,857 shares during the last quarter. Sumitomo Life Insurance Co. boosted its position in Cadence Design Systems by 0.7% in the first quarter. Sumitomo Life Insurance Co. now owns 53,389 shares of the software maker’s stock valued at $1,676,000 after buying an additional 392 shares during the last quarter. Janney Capital Management LLC bought a new position in Cadence Design Systems during the first quarter valued at approximately $225,000. Glen Harbor Capital Management LLC boosted its position in Cadence Design Systems by 53.2% in the first quarter. Glen Harbor Capital Management LLC now owns 18,810 shares of the software maker’s stock valued at $591,000 after buying an additional 6,534 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in Cadence Design Systems during the first quarter valued at approximately $81,715,000. 86.47% of the stock is owned by hedge funds and other institutional investors.

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

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $479 million for the quarter, compared to analysts’ expectations of $476.21 million. During the same quarter last year, the company posted $0.29 earnings per share. Cadence Design Systems’s revenue was up 5.7% on a year-over-year basis. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.

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Several research analysts recently commented on the company. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Thursday, July 27th. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 1st. Bank of America Corporation upped their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. Royal Bank Of Canada upped their price objective on Cadence Design Systems from $36.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 25th. Finally, DA Davidson cut Cadence Design Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $33.67.

In other news, insider Thomas P. Beckley sold 56,250 shares of Cadence Design Systems stock in a transaction that occurred on 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 sale, the insider now owns 322,734 shares of the company’s stock, valued at $11,295,690. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $34.04, for a total value of $3,404,000.00. Following the sale, the chief executive officer now directly owns 583,332 shares in the company, valued at approximately $19,856,621.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 434,656 shares of company stock worth $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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