Todays Report: Today, State of Wisconsin Investment Board cuts its investment of stake in Cadence Design Systems Inc. (CDNS)

Today, State of Wisconsin Investment Board cuts its investment of stake in Cadence Design Systems Inc. (CDNS)

State of Wisconsin Investment Board lowered its position in Cadence Design Systems Inc. (NASDAQ:CDNS) by 1.8% during the third quarter, Holdings Channel reports. The institutional investor owned 191,402 shares of the company’s stock after selling 3,600 shares during the period. State of Wisconsin Investment Board owned approximately 0.07% of Cadence Design Systems worth $4,886,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. AMP Capital Investors Ltd raised its stake in Cadence Design Systems by 1.3% in the first quarter. AMP Capital Investors Ltd now owns 141,800 shares of the company’s stock valued at $3,314,000 after buying an additional 1,800 shares during the period. Envestnet Asset Management Inc. raised its stake in Cadence Design Systems by 449.9% in the first quarter. Envestnet Asset Management Inc. now owns 80,325 shares of the company’s stock valued at $1,894,000 after buying an additional 65,717 shares during the period. Metropolitan Life Insurance Co. NY raised its stake in Cadence Design Systems by 5.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 289,784 shares of the company’s stock valued at $6,833,000 after buying an additional 14,520 shares during the period. Babson Capital Management LLC raised its stake in Cadence Design Systems by 12.3% in the first quarter. Babson Capital Management LLC now owns 84,800 shares of the company’s stock valued at $2,000,000 after buying an additional 9,300 shares during the period. Finally, Arizona State Retirement System raised its stake in Cadence Design Systems by 8.8% in the first quarter. Arizona State Retirement System now owns 167,605 shares of the company’s stock valued at $3,952,000 after buying an additional 13,500 shares during the period. 86.68% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Inc. (NASDAQ:CDNS) traded up 1.02% during trading on Friday, reaching $26.76. The company had a trading volume of 706,323 shares. Cadence Design Systems Inc. has a 12 month low of $18.32 and a 12 month high of $28.00. The firm has a market capitalization of $7.67 billion, a price-to-earnings ratio of 32.52 and a beta of 1.00. The stock has a 50 day moving average price of $25.72 and a 200 day moving average price of $25.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 24th. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.02. The firm had revenue of $446.20 million for the quarter, compared to the consensus estimate of $446.71 million. Cadence Design Systems had a return on equity of 23.13% and a net margin of 13.70%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.28 EPS. On average, equities research analysts predict that Cadence Design Systems Inc. will post $1.20 earnings per share for the current year.

CDNS has been the topic of several research reports. DA Davidson raised Cadence Design Systems from a “neutral” rating to a “buy” rating and upped their target price for the company from $25.00 to $30.00 in a report on Monday, October 10th. Credit Suisse Group AG initiated coverage on Cadence Design Systems in a report on Wednesday, October 19th. They issued a “neutral” rating and a $25.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $26.94.

In other news, Director George Scalise sold 5,000 shares of the business’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $25.27, for a total value of $126,350.00. Following the sale, the director now owns 38,579 shares of the company’s stock, valued at approximately $974,891.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction on Monday, October 17th. The stock was sold at an average price of $25.99, for a total value of $2,599,000.00. Following the completion of the sale, the chief executive officer now directly owns 466,665 shares in the company, valued at approximately $12,128,623.35. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

About Cadence Design Systems

Cadence Design Systems, Inc (Cadence) 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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