Millennium Management LLC grew its position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 79.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,695,739 shares of the software maker’s stock after purchasing an additional 1,196,155 shares during the quarter. Millennium Management LLC’s holdings in Cadence Design Systems were worth $117,211,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the company. Morgan Stanley grew its position in Cadence Design Systems by 46.4% in the 3rd quarter. Morgan Stanley now owns 805,877 shares of the software maker’s stock valued at $36,522,000 after purchasing an additional 255,459 shares during the period. Landsberg Bennett & Dubbaneh LLC bought a new position in Cadence Design Systems during the 4th quarter valued at $1,667,000. Highland Capital Management LLC bought a new position in Cadence Design Systems during the 4th quarter valued at $1,022,000. Pacer Advisors Inc. lifted its stake in Cadence Design Systems by 23.7% during the 3rd quarter. Pacer Advisors Inc. now owns 27,094 shares of the software maker’s stock valued at $1,228,000 after acquiring an additional 5,186 shares in the last quarter. Finally, Mondrian Capital Management LLC bought a new position in Cadence Design Systems during the 4th quarter valued at $4,565,000. 87.61% of the stock is owned by institutional investors.
In other news, VP Surendra Babu Mandava sold 3,306 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $58.46, for a total transaction of $193,268.76. Following the completion of the transaction, the vice president now owns 232,518 shares of the company’s stock, valued at $13,593,002.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas P. Beckley sold 37,855 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $58.90, for a total value of $2,229,659.50. Following the transaction, the insider now directly owns 220,618 shares of the company’s stock, valued at approximately $12,994,400.20. The disclosure for this sale can be found here. Insiders have sold a total of 232,953 shares of company stock valued at $11,907,228 in the last ninety days. Insiders own 2.28% of the company’s stock.
Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 19th. The software maker reported $0.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.06. The business had revenue of $569.90 million during 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 company’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.39 EPS. Equities research analysts forecast that Cadence Design Systems Inc will post 1.4 EPS for the current fiscal year.
CDNS has been the topic of a number of recent analyst reports. Zacks Investment Research cut Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 31st. BidaskClub upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, February 5th. DA Davidson lifted their target price on Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, February 20th. Needham & Company LLC lifted their target price on Cadence Design Systems to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 20th. Finally, ValuEngine upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 23rd. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and three have assigned a strong buy rating to the stock. Cadence Design Systems has an average rating of “Buy” and an average price target of $54.88.
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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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