TrimTabs Asset Management LLC reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,444 shares of the software maker’s stock after selling 97 shares during the quarter. Cadence Design Systems accounts for approximately 1.0% of TrimTabs Asset Management LLC’s portfolio, making the stock its 21st largest holding. TrimTabs Asset Management LLC’s holdings in Cadence Design Systems were worth $2,047,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of CDNS. Catalyst Capital Advisors LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter worth about $27,000. International Assets Investment Management LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter worth about $28,000. Capital Asset Advisory Services LLC purchased a new stake in Cadence Design Systems in the fourth quarter worth about $28,000. Regent Peak Wealth Advisors LLC purchased a new stake in Cadence Design Systems in the fourth quarter worth about $31,000. Finally, Avion Wealth purchased a new stake in Cadence Design Systems in the fourth quarter worth about $43,000. 83.86% of the stock is currently owned by institutional investors.
Several equities analysts have recently issued reports on CDNS shares. KeyCorp lifted their target price on shares of Cadence Design Systems from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Tuesday, February 16th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price target for the company from $122.00 to $145.00 in a research report on Wednesday, December 9th. Needham & Company LLC raised their price target on shares of Cadence Design Systems from $126.00 to $145.00 and gave the company a “buy” rating in a research report on Monday, March 1st. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $146.00 price target for the company in a research report on Thursday, February 25th. Finally, DA Davidson raised their price target on shares of Cadence Design Systems from $130.00 to $155.00 and gave the company a “buy” rating in a research report on Tuesday, February 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $141.31.
Shares of CDNS traded up $2.40 during trading hours on Thursday, reaching $144.96. 23,144 shares of the stock traded hands, compared to its average volume of 1,825,818. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14. Cadence Design Systems, Inc. has a 52-week low of $69.46 and a 52-week high of $149.08. The company’s 50-day moving average price is $133.53 and its two-hundred day moving average price is $125.02. The company has a market cap of $40.45 billion, a P/E ratio of 37.03, a price-to-earnings-growth ratio of 4.64 and a beta of 1.05.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Sunday, February 21st. The software maker reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. Cadence Design Systems had a net margin of 42.68% and a return on equity of 48.31%. The company had revenue of $759.10 million for the quarter, compared to analysts’ expectations of $731.31 million. During the same quarter in the previous year, the company earned $0.54 EPS. Cadence Design Systems’s revenue for the quarter was up 26.6% on a year-over-year basis. On average, research analysts forecast that Cadence Design Systems, Inc. will post 2.02 EPS for the current year.
Cadence Design Systems 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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.
See Also: Earnings Per Share (EPS)
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