Cadence Design Systems, Inc. (CDNS) Shares Bought by Ajo LP
Ajo LP boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 416.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,757,187 shares of the software maker’s stock after purchasing an additional 1,416,833 shares during the quarter. Ajo LP owned approximately 0.63% of Cadence Design Systems worth $58,848,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Creative Planning boosted its position in Cadence Design Systems by 242.2% during the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock worth $110,000 after purchasing an additional 2,323 shares in the last quarter. Commonwealth Bank of Australia boosted its position in Cadence Design Systems by 36.6% during the second quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock worth $161,000 after purchasing an additional 1,300 shares in the last quarter. Tocqueville Asset Management L.P. purchased a new stake in Cadence Design Systems during the second quarter worth $206,000. Atria Investments LLC purchased a new stake in Cadence Design Systems during the second quarter worth $231,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Cadence Design Systems during the first quarter worth $240,000. Institutional investors own 84.27% of the company’s stock.
In related news, insider Thomas P. Beckley sold 56,250 shares of Cadence Design Systems stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total value of $1,968,750.00. Following the transaction, the insider now directly owns 322,734 shares in the company, valued at approximately $11,295,690. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on 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 completion of 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 a total of 416,286 shares of company stock worth $14,799,640 over the last 90 days. Insiders own 2.55% of the company’s stock.
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Shares of Cadence Design Systems, Inc. (NASDAQ CDNS) opened at 37.75 on Tuesday. The stock has a market capitalization of $10.58 billion, a P/E ratio of 43.90 and a beta of 0.92. The stock has a 50 day moving average price of $37.19 and a 200 day moving average price of $34.01. Cadence Design Systems, Inc. has a 12 month low of $24.15 and a 12 month high of $39.49.
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. The business had revenue of $479 million for the quarter, compared to analysts’ expectations of $476.21 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The company’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 EPS. On average, analysts anticipate that Cadence Design Systems, Inc. will post $1.39 EPS for the current fiscal year.
CDNS has been the topic of a number of research analyst reports. BidaskClub downgraded Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. Royal Bank Of Canada reiterated a “buy” rating on shares of Cadence Design Systems in a research report on Friday, July 7th. Bank of America Corporation boosted their target price 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. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research report on Thursday, July 27th. Finally, Credit Suisse Group reiterated an “outperform” rating on shares of Cadence Design Systems in a research report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $33.67.
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).
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