Tiaa Fsb purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 43,455 shares of the software maker’s stock, valued at approximately $1,455,000.

Several other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. grew 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 purchasing an additional 26,133,138 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Cadence Design Systems by 2.2% in the second quarter. Vanguard Group Inc. now owns 24,488,691 shares of the software maker’s stock valued at $820,127,000 after purchasing an additional 516,100 shares during the last quarter. Goldman Sachs Group Inc. grew 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 purchasing an additional 1,549,905 shares during the last quarter. Pictet Asset Management Ltd. grew its position in shares of 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 purchasing an additional 108,344 shares during the last quarter. Finally, Bank of Montreal Can grew its position in shares of Cadence Design Systems by 32.8% in the second quarter. Bank of Montreal Can now owns 3,158,114 shares of the software maker’s stock valued at $105,765,000 after purchasing an additional 780,585 shares during the last quarter. Institutional investors and hedge funds own 84.27% of the company’s stock.

In related news, CFO Geoffrey G. Ribar sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $37.55, for a total transaction of $563,250.00. Following the completion of the sale, the chief financial officer now directly owns 184,413 shares in the company, valued at $6,924,708.15. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Geoffrey G. Ribar sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $36.88, for a total transaction of $184,400.00. Following the sale, the chief financial officer now owns 174,413 shares of the company’s stock, valued at $6,432,351.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 316,286 shares of company stock worth $11,395,640. 2.55% of the stock is currently owned by insiders.

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Shares of Cadence Design Systems, Inc. (NASDAQ CDNS) opened at 38.88 on Friday. Cadence Design Systems, Inc. has a 52-week low of $24.15 and a 52-week high of $39.49. The stock has a 50 day moving average of $37.47 and a 200 day moving average of $34.33. The firm has a market capitalization of $10.89 billion, a price-to-earnings ratio of 45.21 and a beta of 0.92.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.02. The business had revenue of $479.00 million for the quarter, compared to the consensus estimate of $476.21 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period last year, the firm posted $0.29 earnings per share. On average, analysts predict that Cadence Design Systems, Inc. will post $1.39 EPS for the current fiscal year.

Several analysts have recently commented on the stock. BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 1st. Zacks Investment Research lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. 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 increased 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. Finally, Credit Suisse Group reiterated an “outperform” rating on shares of Cadence Design Systems in a research report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $33.67.

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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