Trade Report: Today, TIAA CREF Trust Co. FSB MO Buys 243 Shares of Cadence Design Systems Inc. (CDNS)

Today, TIAA CREF Trust Co. FSB MO Buys 243 Shares of Cadence Design Systems Inc. (CDNS)

TIAA CREF Trust Co. FSB MO raised its stake in shares of Cadence Design Systems Inc. (NASDAQ:CDNS) by 0.5% during the third quarter, Holdings Channel reports. The firm owned 47,146 shares of the company’s stock after buying an additional 243 shares during the period. TIAA CREF Trust Co. FSB MO’s holdings in Cadence Design Systems were worth $1,204,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. AMP Capital Investors Ltd increased its position in shares of 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 last quarter. Envestnet Asset Management Inc. increased its position in shares of 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 last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of 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 last quarter. Babson Capital Management LLC increased its position in shares of 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 last quarter. Finally, Arizona State Retirement System increased its position in shares of 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 last quarter. 86.68% of the stock is currently owned by institutional investors.

Cadence Design Systems Inc. (NASDAQ:CDNS) traded up 1.02% during midday trading on Friday, hitting $26.76. 706,142 shares of the stock traded hands. The company has a 50-day moving average price of $25.68 and a 200-day moving average price of $25.00. Cadence Design Systems Inc. has a 1-year low of $18.32 and a 1-year high of $28.00. The firm has a market cap of $7.67 billion, a P/E ratio of 32.52 and a beta of 1.00.

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

Several equities analysts recently commented on CDNS shares. DA Davidson raised shares of Cadence Design Systems from a “neutral” rating to a “buy” rating and upped their price target for the stock from $25.00 to $30.00 in a research report on Monday, October 10th. Credit Suisse Group AG started coverage on shares of Cadence Design Systems in a research report on Wednesday, October 19th. They set a “neutral” rating and a $25.00 price target for the company. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Cadence Design Systems presently has a consensus rating of “Buy” and an average target price of $26.94.

In other Cadence Design Systems news, insider Thomas P. Beckley sold 58,646 shares of the firm’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $25.00, for a total value of $1,466,150.00. Following the completion of the transaction, the insider now directly owns 305,048 shares in the company, valued at $7,626,200. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director George Scalise sold 5,000 shares of the firm’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $25.27, for a total transaction of $126,350.00. Following the completion of the transaction, the director now owns 38,579 shares of the company’s stock, valued at $974,891.33. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.

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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