New England Research & Management Inc. Invests $230,000 in Cadence Design Systems Inc (NASDAQ:CDNS)

New England Research & Management Inc. bought a new position in Cadence Design Systems Inc (NASDAQ:CDNS) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,475 shares of the software maker’s stock, valued at approximately $230,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Cadence Design Systems in the second quarter worth about $26,000. Altshuler Shaham Ltd raised its holdings in Cadence Design Systems by 109.2% in the 2nd quarter. Altshuler Shaham Ltd now owns 385 shares of the software maker’s stock worth $27,000 after purchasing an additional 201 shares during the period. Next Capital Management LLC acquired a new position in Cadence Design Systems in the 2nd quarter worth about $29,000. Shine Investment Advisory Services Inc. raised its holdings in Cadence Design Systems by 50.5% in the 3rd quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the software maker’s stock worth $30,000 after purchasing an additional 152 shares during the period. Finally, CWM LLC raised its holdings in Cadence Design Systems by 217.9% in the 2nd quarter. CWM LLC now owns 445 shares of the software maker’s stock worth $32,000 after purchasing an additional 305 shares during the period. Hedge funds and other institutional investors own 86.27% of the company’s stock.

A number of equities analysts recently weighed in on the company. Needham & Company LLC upped their price target on Cadence Design Systems to $76.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Wells Fargo & Co raised Cadence Design Systems from a “market perform” rating to an “outperform” rating and set a $80.00 price target for the company in a report on Friday, October 11th. JPMorgan Chase & Co. reduced their price target on Cadence Design Systems from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. ValuEngine cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, BidaskClub cut Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 3rd. Six investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $71.67.

NASDAQ CDNS traded up $0.23 during trading hours on Friday, reaching $67.10. The company’s stock had a trading volume of 897,000 shares, compared to its average volume of 1,992,542. The firm has a market capitalization of $18.86 billion, a price-to-earnings ratio of 54.55, a P/E/G ratio of 4.22 and a beta of 1.16. Cadence Design Systems Inc has a 1-year low of $40.31 and a 1-year high of $77.08. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.59. The company’s 50-day moving average is $65.71 and its two-hundred day moving average is $68.45.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 21st. The software maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The company had revenue of $579.60 million during the quarter, compared to analyst estimates of $576.33 million. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.49 earnings per share. Equities analysts forecast that Cadence Design Systems Inc will post 1.51 EPS for the current fiscal year.

In other news, insider Aneel Zaman sold 3,361 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $70.18, for a total value of $235,874.98. Following the sale, the insider now directly owns 235,701 shares in the company, valued at $16,541,496.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 3,000 shares of the stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $65.79, for a total value of $197,370.00. Following the completion of the sale, the chief financial officer now owns 197,625 shares in the company, valued at $13,001,748.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 159,396 shares of company stock valued at $10,723,322. Company insiders own 2.34% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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

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