First Mercantile Trust Co Lowers stake in Cadence Design Systems Inc (CDNS)

Cadence Design Systems Inc (CDNS) : First Mercantile Trust Co reduced its stake in Cadence Design Systems Inc by 16.11% during the most recent quarter end. The investment management company now holds a total of 32,800 shares of Cadence Design Systems Inc which is valued at $837,384 after selling 6,300 shares in Cadence Design Systems Inc , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.Cadence Design Systems Inc makes up approximately 0.11% of First Mercantile Trust Co’s portfolio.

Other Hedge Funds, Including , Simplex Trading sold out all of its stake in CDNS during the most recent quarter. The investment firm sold 4,417 shares of CDNS which is valued $112,766.Bnp Paribas Arbitrage Sa reduced its stake in CDNS by selling 99,637 shares or 78.7% in the most recent quarter. The Hedge Fund company now holds 26,970 shares of CDNS which is valued at $686,926.Independent Portfolio Consultants boosted its stake in CDNS in the latest quarter, The investment management firm added 1,055 additional shares and now holds a total of 3,185 shares of Cadence Design Systems Inc which is valued at $81,122. Cadence Design Systems Inc makes up approx 0.03% of Independent Portfolio Consultants’s portfolio. Washington Trust Bank added CDNS to its portfolio by purchasing 29 company shares during the most recent quarter which is valued at $739.

Cadence Design Systems Inc opened for trading at $25.5 and hit $25.6 on the upside on Friday, eventually ending the session at $25.53, with a gain of 0.16% or 0.04 points. The heightened volatility saw the trading volume jump to 15,18,905 shares. Company has a market cap of $7,463 M.

On the company’s financial health, Cadence Design Systems Inc reported $0.29 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 25, 2016. Analyst had a consensus of $0.28. The company had revenue of $453.02 million for the quarter, compared to analysts expectations of $449.51 million. The company’s revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS.

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. The Company provides maintenance for its software emulation hardware and IP product offerings. It also provides engineering services related to methodology education hosted design solutions and design services for ICs and development of custom IP. The company’s customers include electronics systems and semiconductor companies Internet service providers and other technology companies that deliver a range of electronics products in market segments such as mobile and consumer devices communications cloud and data center infrastructure medical systems and other devices.

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