Gulf International Bank UK Ltd Lowers Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Gulf International Bank UK Ltd reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.2% in the 2nd quarter, Holdings Channel reports. The fund owned 52,251 shares of the software maker’s stock after selling 100 shares during the period. Gulf International Bank UK Ltd’s holdings in Cadence Design Systems were worth $7,148,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in Cadence Design Systems by 1.0% in the 1st quarter. BlackRock Inc. now owns 32,598,095 shares of the software maker’s stock worth $4,465,613,000 after acquiring an additional 324,117 shares during the period. Geode Capital Management LLC grew its stake in Cadence Design Systems by 0.7% in the 1st quarter. Geode Capital Management LLC now owns 5,029,114 shares of the software maker’s stock worth $687,431,000 after acquiring an additional 37,014 shares during the period. UBS Asset Management Americas Inc. grew its stake in Cadence Design Systems by 17.2% in the 1st quarter. UBS Asset Management Americas Inc. now owns 3,627,389 shares of the software maker’s stock worth $496,916,000 after acquiring an additional 531,876 shares during the period. Janus Henderson Group PLC grew its stake in Cadence Design Systems by 35.0% in the 1st quarter. Janus Henderson Group PLC now owns 3,511,427 shares of the software maker’s stock worth $481,050,000 after acquiring an additional 909,820 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Cadence Design Systems by 12.8% during the 1st quarter. JPMorgan Chase & Co. now owns 3,387,720 shares of the software maker’s stock valued at $464,084,000 after buying an additional 384,201 shares during the period. 83.23% of the stock is owned by hedge funds and other institutional investors.

Several brokerages have recently issued reports on CDNS. KeyCorp boosted their price objective on shares of Cadence Design Systems from $162.00 to $166.00 and gave the company an “overweight” rating in a research note on Tuesday, July 27th. Westpark Capital began coverage on shares of Cadence Design Systems in a research note on Thursday, July 15th. They set a “buy” rating and a $168.00 price objective for the company. Wells Fargo & Company set a $137.72 price objective on shares of Cadence Design Systems and gave the company a “buy” rating in a research note on Wednesday, July 14th. Robert W. Baird reissued an “outperform” rating and set a $144.97 price objective (down from $160.00) on shares of Cadence Design Systems in a research note on Tuesday, July 27th. Finally, Rosenblatt Securities started coverage on shares of Cadence Design Systems in a research note on Thursday, June 24th. They set a “buy” rating and a $156.00 price objective for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $149.55.

In other news, CEO Lip Bu Tan sold 50,000 shares of the company’s stock in a transaction dated Thursday, July 15th. The shares were sold at an average price of $137.43, for a total value of $6,871,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 7,500 shares of the company’s stock in a transaction dated Thursday, September 9th. The shares were sold at an average price of $165.62, for a total transaction of $1,242,150.00. Following the completion of the sale, the vice president now owns 172,022 shares in the company, valued at approximately $28,490,283.64. The disclosure for this sale can be found here. Insiders sold a total of 131,683 shares of company stock worth $19,326,001 in the last quarter. 2.31% of the stock is currently owned by company insiders.

Shares of CDNS stock opened at $164.93 on Wednesday. Cadence Design Systems, Inc. has a 12 month low of $97.45 and a 12 month high of $168.61. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.57 and a quick ratio of 1.47. The firm has a market capitalization of $45.65 billion, a P/E ratio of 67.87, a P/E/G ratio of 5.68 and a beta of 1.03. The company’s fifty day moving average price is $151.63 and its two-hundred day moving average price is $139.00.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Sunday, July 25th. The software maker reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.10. Cadence Design Systems had a net margin of 23.47% and a return on equity of 28.93%. The firm had revenue of $728.29 million for the quarter, compared to analyst estimates of $715.77 million. During the same quarter in the previous year, the business posted $0.66 EPS. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 2.52 EPS for the current year.

About Cadence Design Systems

Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. The company was founded by Alberto Sangiovanni-Vincentelli, Gudmundur A.

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

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