Putnam Investments LLC grew its holdings in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 13.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 250,599 shares of the software maker’s stock after purchasing an additional 29,599 shares during the period. Putnam Investments LLC owned approximately 0.09% of Cadence Design Systems worth $10,853,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Parnassus Investments CA acquired a new stake in Cadence Design Systems during the 2nd quarter valued at $460,597,000. Legal & General Group Plc grew its holdings in Cadence Design Systems by 197.6% during the 1st quarter. Legal & General Group Plc now owns 1,730,484 shares of the software maker’s stock valued at $63,622,000 after buying an additional 1,148,997 shares during the last quarter. Old Mutual Global Investors UK Ltd. grew its holdings in Cadence Design Systems by 34.5% during the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 4,110,009 shares of the software maker’s stock valued at $151,125,000 after buying an additional 1,054,136 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Cadence Design Systems by 89.6% during the 1st quarter. Millennium Management LLC now owns 2,097,474 shares of the software maker’s stock worth $77,124,000 after purchasing an additional 991,219 shares during the period. Finally, Ardevora Asset Management LLP purchased a new position in shares of Cadence Design Systems during the 2nd quarter worth $34,335,000. Institutional investors own 87.30% of the company’s stock.

CDNS has been the topic of a number of recent analyst reports. BidaskClub lowered Cadence Design Systems from a “hold” rating to a “sell” rating in a research note on Thursday, October 4th. JPMorgan Chase & Co. increased their target price on Cadence Design Systems from $42.00 to $49.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 24th. Griffin Securities increased their target price on Cadence Design Systems from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. Credit Suisse Group raised their price objective on Cadence Design Systems from $44.00 to $46.00 and gave the company a “neutral” rating in a research report on Tuesday, July 24th. Finally, DA Davidson raised their price objective on Cadence Design Systems to $52.00 and gave the company a “buy” rating in a research report on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $48.43.

In related news, Director James D. Plummer sold 7,500 shares of Cadence Design Systems stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $46.49, for a total value of $348,675.00. Following the completion of the transaction, the director now directly owns 21,526 shares in the company, valued at $1,000,743.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $45.14, for a total value of $4,514,000.00. Following the completion of the transaction, the chief executive officer now owns 552,813 shares of the company’s stock, valued at $24,953,978.82. The disclosure for this sale can be found here. Insiders have sold 233,445 shares of company stock valued at $10,584,163 over the last 90 days. Insiders own 2.28% of the company’s stock.

Shares of Cadence Design Systems stock traded up $0.86 during trading hours on Friday, hitting $39.99. 2,943,690 shares of the company’s stock traded hands, compared to its average volume of 2,155,160. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.30 and a quick ratio of 1.26. The company has a market capitalization of $12.82 billion, a PE ratio of 37.73, a P/E/G ratio of 3.83 and a beta of 1.13. Cadence Design Systems Inc has a twelve month low of $35.49 and a twelve month high of $47.40.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 23rd. The software maker reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.05. The company had revenue of $518.40 million during the quarter, compared to the consensus estimate of $514.94 million. Cadence Design Systems had a return on equity of 28.38% and a net margin of 10.62%. The company’s revenue was up 8.2% on a year-over-year basis. During the same period last year, the firm earned $0.34 earnings per share. On average, equities analysts expect that Cadence Design Systems Inc will post 0.99 earnings per share for the current fiscal year.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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

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