Citigroup Inc. reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 38.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,980 shares of the software maker’s stock after selling 9,227 shares during the quarter. Citigroup Inc.’s holdings in Cadence Design Systems were worth $502,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CDNS. Goldman Sachs Group Inc. boosted its stake in shares of Cadence Design Systems by 48.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,771,026 shares of the software maker’s stock worth $149,811,000 after acquiring an additional 1,549,905 shares during the period. AJO LP boosted its stake in shares of Cadence Design Systems by 416.3% during the 2nd quarter. AJO LP now owns 1,757,187 shares of the software maker’s stock worth $58,848,000 after acquiring an additional 1,416,833 shares during the period. Renaissance Technologies LLC bought a new position in shares of Cadence Design Systems during the 1st quarter worth approximately $38,468,000. Prudential Financial Inc. boosted its stake in shares of Cadence Design Systems by 226.0% during the 2nd quarter. Prudential Financial Inc. now owns 1,721,641 shares of the software maker’s stock worth $57,658,000 after acquiring an additional 1,193,576 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Cadence Design Systems by 257.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,571,874 shares of the software maker’s stock worth $52,641,000 after acquiring an additional 1,132,146 shares during the period. Institutional investors own 84.27% of the company’s stock.

CDNS has been the subject of several recent research reports. BidaskClub downgraded Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Royal Bank Of Canada restated a “buy” rating on shares of Cadence Design Systems in a research note on Friday, July 7th. Bank of America Corporation boosted their price target on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Thursday, July 27th. Finally, Credit Suisse Group restated an “outperform” rating on shares of Cadence Design Systems in a research note 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 issued a strong buy rating to the stock. Cadence Design Systems presently has a consensus rating of “Buy” and a consensus target price of $35.60.

Shares of Cadence Design Systems, Inc. (CDNS) opened at 42.00 on Friday. The company has a market capitalization of $11.77 billion, a P/E ratio of 48.84 and a beta of 0.93. The company has a 50-day moving average price of $39.06 and a 200 day moving average price of $35.37. Cadence Design Systems, Inc. has a 1-year low of $24.15 and a 1-year high of $42.20.

Cadence Design Systems (NASDAQ:CDNS) last released 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 return on equity of 27.81% and a net margin of 12.86%. The business had revenue of $479.00 million during the quarter, compared to the consensus estimate of $476.21 million. During the same period last year, the business posted $0.29 earnings per share. The business’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.

In other news, CFO Geoffrey G. Ribar sold 15,000 shares of the firm’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $37.55, for a total value of $563,250.00. Following the completion of the transaction, the chief financial officer now directly owns 184,413 shares of the company’s stock, valued at $6,924,708.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Wall sold 750 shares of the firm’s stock in a transaction on Monday, October 9th. The stock was sold at an average price of $40.68, for a total value of $30,510.00. The disclosure for this sale can be found here. Insiders sold 317,036 shares of company stock valued at $11,426,150 over the last ninety days. Corporate insiders own 2.55% of the company’s stock.

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

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