Great Lakes Advisors LLC Raises Position in Cadence Design Systems Inc (CDNS)

Great Lakes Advisors LLC increased its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 16.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 186,174 shares of the software maker’s stock after buying an additional 26,335 shares during the period. Great Lakes Advisors LLC’s holdings in Cadence Design Systems were worth $5,846,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Alambic Investment Management L.P. increased its stake in Cadence Design Systems by 57.2% in the first quarter. Alambic Investment Management L.P. now owns 129,200 shares of the software maker’s stock worth $4,057,000 after buying an additional 47,000 shares during the period. Airain ltd bought a new stake in Cadence Design Systems during the first quarter worth approximately $250,000. Trexquant Investment LP increased its stake in Cadence Design Systems by 146.6% in the first quarter. Trexquant Investment LP now owns 36,000 shares of the software maker’s stock worth $1,130,000 after buying an additional 21,400 shares during the period. Nine Chapters Capital Management LLC increased its stake in Cadence Design Systems by 67.4% in the first quarter. Nine Chapters Capital Management LLC now owns 28,800 shares of the software maker’s stock worth $904,000 after buying an additional 11,600 shares during the period. Finally, HL Financial Services LLC increased its stake in Cadence Design Systems by 586.0% in the first quarter. HL Financial Services LLC now owns 110,477 shares of the software maker’s stock worth $3,469,000 after buying an additional 94,372 shares during the period. Institutional investors own 83.26% of the company’s stock.

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

Shares of Cadence Design Systems Inc (NASDAQ:CDNS) traded up 1.42% during trading on Friday, hitting $32.78. 2,159,573 shares of the stock traded hands. The company has a market cap of $9.17 billion, a PE ratio of 42.13 and a beta of 1.00. The company has a 50 day moving average of $32.19 and a 200-day moving average of $28.84. Cadence Design Systems Inc has a 1-year low of $22.99 and a 1-year high of $33.61.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 24th. The software maker reported $0.32 EPS for the quarter, meeting analysts’ consensus estimates of $0.32. The company had revenue of $477 million during the quarter, compared to analysts’ expectations of $474.23 million. Cadence Design Systems had a return on equity of 23.03% and a net margin of 11.18%. Cadence Design Systems’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.28 EPS. On average, equities analysts anticipate that Cadence Design Systems Inc will post $1.38 EPS for the current fiscal year.

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A number of analysts have commented on the stock. Zacks Investment Research downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Friday, April 28th. DA Davidson downgraded shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 25th. Finally, Royal Bank of Canada restated a “buy” rating and set a $33.00 price target on shares of Cadence Design Systems in a research report on Tuesday, April 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $29.83.

In other news, Director Roger S. Siboni sold 20,507 shares of the company’s stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $32.32, for a total value of $662,786.24. Following the completion of the sale, the director now directly owns 52,701 shares of the company’s stock, valued at approximately $1,703,296.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Anirudh Devgan sold 20,000 shares of the company’s stock in a transaction dated Thursday, March 9th. The shares were sold at an average price of $31.19, for a total value of $623,800.00. Following the completion of the sale, the insider now directly owns 313,381 shares of the company’s stock, valued at $9,774,353.39. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 188,007 shares of company stock valued at $5,938,761. 2.70% of the stock is currently owned by company insiders.

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).

5 Day Chart for NASDAQ:CDNS

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