Worldquant Millennium Quantitative Strategies LLC purchased a new stake in Cadence Design Systems Inc (NASDAQ:CDNS) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 279,568 shares of the software maker’s stock, valued at approximately $12,108,000.

A number of other large investors also recently made changes to their positions in the business. Chesapeake Wealth Management lifted its holdings in Cadence Design Systems by 19.8% in the second quarter. Chesapeake Wealth Management now owns 8,317 shares of the software maker’s stock valued at $360,000 after acquiring an additional 1,375 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Cadence Design Systems by 2.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,811 shares of the software maker’s stock valued at $2,677,000 after acquiring an additional 1,569 shares during the period. Xact Kapitalforvaltning AB lifted its holdings in Cadence Design Systems by 5.6% in the first quarter. Xact Kapitalforvaltning AB now owns 31,384 shares of the software maker’s stock valued at $1,154,000 after acquiring an additional 1,652 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Cadence Design Systems by 21.5% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 10,562 shares of the software maker’s stock valued at $389,000 after acquiring an additional 1,871 shares during the period. Finally, California Public Employees Retirement System lifted its holdings in Cadence Design Systems by 0.3% in the first quarter. California Public Employees Retirement System now owns 650,841 shares of the software maker’s stock valued at $23,931,000 after acquiring an additional 2,111 shares during the period. 87.29% of the stock is owned by institutional investors.

In related news, Director James D. Plummer sold 7,500 shares of the stock in a transaction on Thursday, July 26th. The stock was sold at an average price of $46.49, for a total value of $348,675.00. Following the completion of the transaction, the director now directly owns 21,526 shares of the company’s stock, valued at approximately $1,000,743.74. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John M. Wall sold 750 shares of the stock in a transaction on Monday, July 9th. The shares were sold at an average price of $45.10, for a total value of $33,825.00. Following the completion of the transaction, the chief financial officer now directly owns 118,524 shares of the company’s stock, valued at $5,345,432.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 208,250 shares of company stock valued at $9,429,500. Corporate insiders own 2.55% of the company’s stock.

Shares of CDNS stock opened at $46.31 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.30 and a quick ratio of 1.26. The company has a market cap of $12.97 billion, a PE ratio of 43.69, a price-to-earnings-growth ratio of 3.87 and a beta of 1.10. Cadence Design Systems Inc has a 1-year low of $35.49 and a 1-year high of $47.40.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 23rd. The software maker reported $0.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.05. The business had revenue of $518.40 million during the quarter, compared to the consensus estimate of $514.94 million. Cadence Design Systems had a return on equity of 28.38% and a net margin of 10.62%. The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.34 EPS. sell-side analysts forecast that Cadence Design Systems Inc will post 0.99 earnings per share for the current fiscal year.

A number of research analysts have issued reports on the company. Zacks Investment Research downgraded Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 26th. BidaskClub downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, August 22nd. Needham & Company LLC boosted their price target on Cadence Design Systems from $47.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. DA Davidson boosted their price target on Cadence Design Systems to $52.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. Finally, Griffin Securities boosted their price target on Cadence Design Systems from $50.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Cadence Design Systems presently has a consensus rating of “Buy” and an average price target of $48.43.

About Cadence Design Systems

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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

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