Kiwi Wealth Investments Limited Partnership lessened its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 85.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 8,533 shares of the software maker’s stock after selling 50,210 shares during the period. Kiwi Wealth Investments Limited Partnership’s holdings in Cadence Design Systems were worth $371,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Morgan Stanley boosted its position in shares of Cadence Design Systems by 46.4% during the third quarter. Morgan Stanley now owns 805,877 shares of the software maker’s stock valued at $36,522,000 after buying an additional 255,459 shares during the last quarter. Landsberg Bennett & Dubbaneh LLC bought a new stake in Cadence Design Systems during the fourth quarter worth $1,667,000. Highland Capital Management LLC bought a new stake in Cadence Design Systems during the fourth quarter worth $1,022,000. Norinchukin Bank The lifted its holdings in Cadence Design Systems by 13.9% during the third quarter. Norinchukin Bank The now owns 36,375 shares of the software maker’s stock worth $1,649,000 after acquiring an additional 4,447 shares during the period. Finally, Pacer Advisors Inc. lifted its holdings in Cadence Design Systems by 23.7% during the third quarter. Pacer Advisors Inc. now owns 27,094 shares of the software maker’s stock worth $1,228,000 after acquiring an additional 5,186 shares during the period. 86.89% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Chin-Chi Teng sold 5,084 shares of Cadence Design Systems stock in a transaction on Monday, March 4th. The stock was sold at an average price of $57.92, for a total value of $294,465.28. Following the completion of the transaction, the insider now directly owns 106,363 shares in the company, valued at $6,160,544.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Thomas P. Beckley sold 23,208 shares of Cadence Design Systems stock in a transaction on Thursday, January 31st. The shares were sold at an average price of $48.00, for a total value of $1,113,984.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 232,953 shares of company stock worth $11,907,228. Corporate insiders own 2.28% of the company’s stock.
Shares of CDNS opened at $61.16 on Friday. The firm has a market capitalization of $17.01 billion, a price-to-earnings ratio of 49.72, a PEG ratio of 3.61 and a beta of 1.10. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.34. Cadence Design Systems Inc has a 1 year low of $35.49 and a 1 year high of $61.43.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 19th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.06. The firm had revenue of $569.90 million for the quarter, compared to analyst estimates of $550.22 million. Cadence Design Systems had a return on equity of 28.36% and a net margin of 16.17%. The business’s revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. Research analysts anticipate that Cadence Design Systems Inc will post 1.4 earnings per share for the current fiscal year.
A number of analysts recently commented on CDNS shares. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Monday, February 4th. Berenberg Bank started coverage on Cadence Design Systems in a report on Tuesday, November 20th. They set a “hold” rating and a $50.00 price target on the stock. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, February 15th. Needham & Company LLC lifted their price target on Cadence Design Systems to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 20th. Finally, ValuEngine upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 23rd. Three analysts have rated the stock with a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $54.88.
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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