Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by AGF Management Ltd.

AGF Management Ltd. decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 78.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,013 shares of the software maker's stock after selling 7,240 shares during the quarter. AGF Management Ltd.'s holdings in Cadence Design Systems were worth $605,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. State Street Corp grew its position in shares of Cadence Design Systems by 0.5% in the third quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock valued at $3,231,422,000 after purchasing an additional 60,490 shares during the period. Jennison Associates LLC boosted its position in Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock worth $2,406,760,000 after acquiring an additional 404,076 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Cadence Design Systems by 0.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker's stock worth $1,081,098,000 after acquiring an additional 37,452 shares during the last quarter. Nordea Investment Management AB raised its stake in Cadence Design Systems by 6.5% during the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker's stock worth $885,356,000 after purchasing an additional 178,212 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Cadence Design Systems by 3.6% during the third quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker's stock worth $608,373,000 after purchasing an additional 77,246 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

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Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Anirudh Devgan sold 5,920 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares of the company's stock, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,021 shares of company stock worth $31,229,155 in the last 90 days. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Up 1.9 %

CDNS traded up $4.82 during trading hours on Wednesday, hitting $258.70. 2,735,617 shares of the company's stock were exchanged, compared to its average volume of 1,794,346. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The firm has a 50 day moving average of $280.50 and a 200 day moving average of $284.19. The firm has a market cap of $70.91 billion, a P/E ratio of 67.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on CDNS shares. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Loop Capital reduced their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Bank of America reduced their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Finally, Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $324.83.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.