Principal Financial Group Inc. increased its position in Cadence Design Systems Inc. (NASDAQ:CDNS) by 10.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,145,527 shares of the company’s stock after buying an additional 109,550 shares during the period. Principal Financial Group Inc. owned about 0.39% of Cadence Design Systems worth $27,836,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in CDNS. Daiwa Securities Group Inc. bought a new position in shares of Cadence Design Systems during the second quarter worth $168,000. Penserra Capital Management LLC bought a new position in shares of Cadence Design Systems during the second quarter worth $169,000. Strs Ohio bought a new position in shares of Cadence Design Systems during the second quarter worth $183,000. Mn Services Vermogensbeheer B.V. bought a new position in shares of Cadence Design Systems during the second quarter worth $168,000. Finally, Acrospire Investment Management LLC bought a new position in shares of Cadence Design Systems during the first quarter worth $200,000. 85.57% of the stock is owned by institutional investors.
Shares of Cadence Design Systems Inc. (NASDAQ:CDNS) traded up 0.182% during midday trading on Tuesday, reaching $24.825. 264,343 shares of the company’s stock traded hands. The stock has a market cap of $7.26 billion, a P/E ratio of 29.414 and a beta of 1.05. The stock has a 50-day moving average price of $25.01 and a 200-day moving average price of $24.31. Cadence Design Systems Inc. has a 52-week low of $18.32 and a 52-week high of $26.24.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 25th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $453 million for the quarter, compared to the consensus estimate of $449.54 million. Cadence Design Systems had a net margin of 14.52% and a return on equity of 21.48%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.27 earnings per share. Analysts forecast that Cadence Design Systems Inc. will post $1.20 earnings per share for the current year.
A number of equities analysts have weighed in on the stock. Bank of America Corp. reaffirmed a “buy” rating and issued a $30.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 26th. RBC Capital Markets reissued an “outperform” rating and set a $29.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 26th. Royal Bank Of Canada initiated coverage on shares of Cadence Design Systems in a research note on Monday, June 6th. They set an “outperform” rating and a $29.00 price target for the company. Finally, Needham & Company LLC downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, June 14th. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $25.86.
In other news, insider Thomas P. Beckley sold 58,646 shares of the firm’s stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $25.00, for a total value of $1,466,150.00. Following the sale, the insider now directly owns 305,048 shares in the company, valued at approximately $7,626,200. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP James J. Cowie sold 3,121 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $24.23, for a total transaction of $75,621.83. Following the completion of the sale, the vice president now owns 99,166 shares in the company, valued at $2,402,792.18. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.
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