SevenOneSeven Capital Management Reduces Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

SevenOneSeven Capital Management reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,269 shares of the software maker’s stock after selling 417 shares during the quarter. SevenOneSeven Capital Management’s holdings in Cadence Design Systems were worth $310,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Neuberger Berman Group LLC lifted its stake in Cadence Design Systems by 12,032.6% in the 1st quarter. Neuberger Berman Group LLC now owns 1,767,967 shares of the software maker’s stock worth $242,093,000 after purchasing an additional 1,753,395 shares in the last quarter. Janus Henderson Group PLC lifted 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 purchasing an additional 909,820 shares in the last quarter. FMR LLC lifted its stake in Cadence Design Systems by 9.9% in the 2nd quarter. FMR LLC now owns 9,797,196 shares of the software maker’s stock worth $1,340,453,000 after purchasing an additional 883,290 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Cadence Design Systems by 1,223.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 684,088 shares of the software maker’s stock worth $93,713,000 after purchasing an additional 632,411 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Cadence Design Systems by 29.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,608,614 shares of the software maker’s stock worth $356,910,000 after purchasing an additional 588,488 shares in the last quarter. Institutional investors own 83.23% of the company’s stock.

In other news, VP Aneel Zaman sold 14,003 shares of the firm’s stock in a transaction dated Wednesday, August 18th. The shares were sold at an average price of $148.98, for a total value of $2,086,166.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Friday, September 24th. The stock was sold at an average price of $162.39, for a total transaction of $162,390.00. The disclosure for this sale can be found here. In the last three months, insiders sold 131,682 shares of company stock worth $20,815,254. Insiders own 2.31% of the company’s stock.

A number of equities analysts have recently commented on CDNS shares. KeyCorp increased their price target on shares of Cadence Design Systems from $162.00 to $166.00 and gave the stock an “overweight” rating in a report on Tuesday, July 27th. Rosenblatt Securities started coverage on shares of Cadence Design Systems in a report on Friday, September 17th. They issued a “buy” rating and a $173.00 price target on the stock. Robert W. Baird reissued an “outperform” rating and issued a $144.97 price target (down previously from $160.00) on shares of Cadence Design Systems in a report on Tuesday, July 27th. Westpark Capital started coverage on shares of Cadence Design Systems in a report on Thursday, July 15th. They issued a “buy” rating and a $168.00 price target on the stock. Finally, Wells Fargo & Company set a $137.72 price target on shares of Cadence Design Systems and gave the stock a “buy” rating in a report on Wednesday, July 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $150.76.

Cadence Design Systems stock traded up $3.64 during trading hours on Thursday, reaching $157.14. The stock had a trading volume of 12,220 shares, compared to its average volume of 1,480,039. The stock has a market cap of $43.49 billion, a PE ratio of 63.17, a PEG ratio of 5.68 and a beta of 1.03. Cadence Design Systems, Inc. has a 52 week low of $105.93 and a 52 week 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 company has a fifty day simple moving average of $157.52 and a 200-day simple moving average of $142.88.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Sunday, July 25th. The software maker reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.10. The business had revenue of $728.29 million for the quarter, compared to analyst estimates of $715.77 million. Cadence Design Systems had a net margin of 23.47% and a return on equity of 28.93%. During the same quarter last year, the firm earned $0.66 EPS. Research analysts predict that Cadence Design Systems, Inc. will post 2.52 earnings per share for the current fiscal year.

Cadence Design Systems Profile

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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