Several other large investors have also bought and sold shares of CDNS. Frontier Capital Management Co. LLC boosted its stake in Cadence Design Systems by 94.6% in the fourth quarter. Frontier Capital Management Co. LLC now owns 3,711,109 shares of the company's stock valued at $77,228,000 after buying an additional 1,804,110 shares during the period. Old Mutual Global Investors UK Ltd. increased its position in Cadence Design Systems by 139.3% in the fourth quarter. Old Mutual Global Investors UK Ltd. now owns 2,137,537 shares of the company's stock valued at $44,482,000 after buying an additional 1,244,237 shares during the period. Vanguard Group Inc. increased its position in Cadence Design Systems by 5.0% in the fourth quarter. Vanguard Group Inc. now owns 20,773,669 shares of the company's stock valued at $432,299,000 after buying an additional 985,907 shares during the period. Cookson Peirce & Co. Inc. increased its position in Cadence Design Systems by 3,62 6.6% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 503,840 shares of the company's stock valued at $10,485,000 after buying an additional 490,320 shares during the period. Finally, Nationwide Fund Advisors increased its position in Cadence Design Systems by 85.2% in the fourth quarter. Nationwide Fund Advisors now owns 975,520 shares of the company's stock valued at $20,301,000 after buying an additional 448,811 shares during the period.
Shares of Cadence Design Systems Inc (NASDAQ:CDNS) traded down 0.81% during mid-day trading on Wednesday, hitting $23.31. The stock had a trading volume of 705,726 shares. Cadence Design Systems Inc has a 52 week low of $17.77 and a 52 week high of $23.75. The stock has a 50-day moving average price of $22.34 and a 200 day moving average price of $21.35. The stock has a market cap of $7.12 billion and a P/E ratio of 28.78.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Wednesday, February 3rd. The company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.02. During the same quarter last year, the company earned $0.27 earnings per share. The company earned $441.08 million during the quarter, compared to the consensus estimate of $440.24 million. The business's revenue was up 4.2% on a year-over-year basis. On average, equities analysts forecast that Cadence Design Systems Inc will post $1.21 EPS for the current fiscal year.
CDNS has been the subject of a number of research reports. Zacks Investment Research downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Tuesday, March 1st. DA Davidson upgraded Cadence Design Systems from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $22.00 to $25.00 in a report on Thursday, February 4th. They noted that the move was a valuation call. Northland Securities dropped their target price on shares of Cadence Design Systems from $27.50 to $26.50 in a research report on Thursday, February 4th. JPMorgan Chase & Co. raised their price target on shares of Cadence Design Systems from $21.00 to $22.00 and gave the company a "neutral" rating in a report on Thursday, February 4th. Finally, Needham & Company LLC raised shares of Cadence Design Systems from a "hold" rating to a "buy" rating in a research report on Thursday, February 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company's stock. The company presently has a consensus rating of "Buy" and an average target price of $24.95.
In other Cadence Design Systems news, VP Thomas P. Beckley sold 71,666 shares of the business's stock in a transaction dated Friday, March 18th. The shares were sold at an average price of $23.20, for a total value of $1,662,651.20. Following the transaction, the vice president now directly owns 307,181 shares in the company, valued at $7,126,599.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP James J. Cowie sold 32,500 shares of the business's stock in a transaction dated Monday, March 14th. The shares were sold at an average price of $22.69, for a total transaction of $737,425.00. Following the completion of the transaction, the vice president now owns 131,666 shares in the company, valued at $2,987,501.54. The disclosure for this sale can be found here.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company's SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP) verification IP (VIP) and design IP.
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Source: Cadence Design Systems Inc (CDNS) Position Boosted by Commonwealth of Pennsylvania Public School Empls Retrmt SYS
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