Russell Investments Group Ltd. Acquires 292,239 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Russell Investments Group Ltd. raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 33.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,161,296 shares of the software maker’s stock after buying an additional 292,239 shares during the period. Russell Investments Group Ltd. owned approximately 0.42% of Cadence Design Systems worth $38,893,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Mn Services Vermogensbeheer B.V. increased its stake in Cadence Design Systems by 490.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 45,258 shares of the software maker’s stock valued at $1,516,000 after buying an additional 37,591 shares during the period. Glen Harbor Capital Management LLC increased its stake in Cadence Design Systems by 53.2% in the first quarter. Glen Harbor Capital Management LLC now owns 18,810 shares of the software maker’s stock valued at $591,000 after buying an additional 6,534 shares during the period. Koch Industries Inc. acquired a new stake in Cadence Design Systems during the first quarter valued at approximately $308,000. Capstone Asset Management Co. increased its stake in Cadence Design Systems by 2.3% in the first quarter. Capstone Asset Management Co. now owns 27,201 shares of the software maker’s stock valued at $854,000 after buying an additional 600 shares during the period. Finally, Jane Street Group LLC acquired a new stake in Cadence Design Systems during the first quarter valued at approximately $934,000. 86.08% of the stock is currently owned by institutional investors and hedge funds.

Shares of Cadence Design Systems, Inc. (CDNS) opened at 36.95 on Friday. The stock has a market capitalization of $10.35 billion, a P/E ratio of 42.97 and a beta of 0.94. The company’s 50-day moving average is $35.62 and its 200-day moving average is $33.05. Cadence Design Systems, Inc. has a one year low of $24.15 and a one year high of $37.70.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.02. The company had revenue of $479 million for the quarter, compared to analysts’ expectations of $476.21 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. Cadence Design Systems’s revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.29 EPS. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current year.

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Several analysts have recently commented on CDNS shares. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a report on Thursday, July 27th. BidaskClub downgraded shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Bank of America Corporation upped their price objective on shares of Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. DA Davidson downgraded shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. Finally, Royal Bank Of Canada reissued a “buy” rating on shares of Cadence Design Systems in a report on Friday, July 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $33.67.

In other Cadence Design Systems news, VP James J. Cowie sold 44,000 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $33.09, for a total transaction of $1,455,960.00. Following the sale, the vice president now directly owns 137,332 shares in the company, valued at approximately $4,544,315.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $34.04, for a total transaction of $3,404,000.00. Following the sale, the chief executive officer now owns 583,332 shares in the company, valued at $19,856,621.28. The disclosure for this sale can be found here. Insiders sold a total of 505,250 shares of company stock worth $17,545,110 over the last three months. 2.55% of the stock is currently owned by corporate insiders.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

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

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