Optimal Asset Management Inc. Has $979,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Optimal Asset Management Inc. decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 68.7% in the first quarter, Holdings Channel.com reports. The firm owned 7,147 shares of the software maker’s stock after selling 15,657 shares during the period. Optimal Asset Management Inc.’s holdings in Cadence Design Systems were worth $979,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Ameritas Investment Company LLC acquired a new stake in shares of Cadence Design Systems in the first quarter worth about $798,000. Fred Alger Management LLC lifted its position in shares of Cadence Design Systems by 42.0% in the first quarter. Fred Alger Management LLC now owns 987,468 shares of the software maker’s stock worth $135,273,000 after buying an additional 292,055 shares during the last quarter. Great West Life Assurance Co. Can lifted its position in shares of Cadence Design Systems by 13.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 643,764 shares of the software maker’s stock worth $87,831,000 after purchasing an additional 78,490 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its position in shares of Cadence Design Systems by 54.5% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 17,330 shares of the software maker’s stock worth $2,374,000 after purchasing an additional 6,114 shares during the last quarter. Finally, Polar Capital Holdings Plc lifted its position in shares of Cadence Design Systems by 54.1% during the 1st quarter. Polar Capital Holdings Plc now owns 944,436 shares of the software maker’s stock worth $129,378,000 after purchasing an additional 331,474 shares during the last quarter. 83.67% of the stock is owned by hedge funds and other institutional investors.

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $141.39, for a total value of $141,390.00. Following the completion of the sale, the vice president now directly owns 103,081 shares of the company’s stock, valued at approximately $14,574,622.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lip Bu Tan sold 50,000 shares of the company’s stock in a transaction dated Monday, May 17th. The stock was sold at an average price of $121.47, for a total transaction of $6,073,500.00. Following the completion of the sale, the chief executive officer now directly owns 793,894 shares of the company’s stock, valued at $96,434,304.18. The disclosure for this sale can be found here. In the last 90 days, insiders sold 153,000 shares of company stock worth $19,854,150. 2.31% of the stock is owned by company insiders.

Shares of NASDAQ:CDNS opened at $140.76 on Thursday. The company has a 50 day moving average price of $131.26. The company has a market capitalization of $39.17 billion, a PE ratio of 59.74, a price-to-earnings-growth ratio of 4.05 and a beta of 1.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.70 and a quick ratio of 1.61. Cadence Design Systems, Inc. has a 1 year low of $97.45 and a 1 year high of $149.08.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Sunday, April 25th. The software maker reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. The business had revenue of $736.03 million for the quarter, compared to analysts’ expectations of $717.79 million. Cadence Design Systems had a net margin of 23.34% and a return on equity of 27.00%. The firm’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same period last year, the firm posted $0.60 earnings per share. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 2.39 EPS for the current fiscal year.

Several research firms have recently weighed in on CDNS. Robert W. Baird reiterated a “buy” rating on shares of Cadence Design Systems in a research note on Thursday, April 29th. Westpark Capital initiated coverage on Cadence Design Systems in a report on Thursday, July 15th. They issued a “buy” rating and a $168.00 target price on the stock. Rosenblatt Securities started coverage on Cadence Design Systems in a research note on Thursday, June 24th. They issued a “buy” rating and a $156.00 price target on the stock. DA Davidson upped their price objective on shares of Cadence Design Systems from $155.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, April 27th. Finally, Wells Fargo & Company set a $137.72 target price on Cadence Design Systems and gave the stock a “buy” rating in a report on Wednesday, July 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $149.44.

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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.

Read More: Coverage Ratio

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNS).

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

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.