US Bancorp DE Reduces Position in Cadence Design Systems, Inc. (CDNS)

US Bancorp DE cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 26.8% during the first quarter, Holdings Channel reports. The firm owned 4,652 shares of the software maker’s stock after selling 1,701 shares during the period. US Bancorp DE’s holdings in Cadence Design Systems were worth $146,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Trexquant Investment LP acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $368,000. Elkfork Partners LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $394,000. Envestnet Asset Management Inc. raised its position in shares of Cadence Design Systems by 14.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 100,729 shares of the software maker’s stock valued at $2,541,000 after buying an additional 12,412 shares during the period. GSA Capital Partners LLP raised its position in shares of Cadence Design Systems by 37.6% in the fourth quarter. GSA Capital Partners LLP now owns 49,089 shares of the software maker’s stock valued at $1,238,000 after buying an additional 13,412 shares during the period. Finally, Franklin Resources Inc. acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $1,362,000. 85.87% of the stock is currently owned by institutional investors and hedge funds.

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

Cadence Design Systems, Inc. (CDNS) opened at 34.28 on Friday. Cadence Design Systems, Inc. has a 1-year low of $22.99 and a 1-year high of $35.69. The company’s 50-day moving average price is $33.94 and its 200 day moving average price is $30.31. The firm has a market cap of $9.58 billion, a price-to-earnings ratio of 44.06 and a beta of 0.94.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 24th. The software maker reported $0.32 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.32. Cadence Design Systems had a return on equity of 26.52% and a net margin of 11.97%. The firm had revenue of $477 million for the quarter, compared to analysts’ expectations of $474.23 million. During the same quarter last year, the firm earned $0.28 earnings per share. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, equities analysts expect that Cadence Design Systems, Inc. will post $1.38 earnings per share for the current fiscal year.

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Several equities analysts recently issued reports on the company. DA Davidson lowered Cadence Design Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 25th. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $33.00 target price on shares of Cadence Design Systems in a research note on Tuesday, April 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $29.83.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction dated Monday, April 17th. The stock was sold at an average price of $31.26, for a total transaction of $3,126,000.00. Following the transaction, the chief executive officer now owns 583,332 shares in the company, valued at $18,234,958.32. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John B. Shoven sold 50,000 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $34.00, for a total value of $1,700,000.00. Following the transaction, the director now owns 196,189 shares in the company, valued at approximately $6,670,426. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 446,413 shares of company stock worth $14,664,545. 2.55% of the stock is currently owned by insiders.

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).new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:CDNS”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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