Artisan Partners Limited Partnership Trims Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Artisan Partners Limited Partnership trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.5% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 420,326 shares of the software maker's stock after selling 65,367 shares during the quarter. Artisan Partners Limited Partnership owned about 0.15% of Cadence Design Systems worth $126,291,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CDNS. Avior Wealth Management LLC increased its position in Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock valued at $98,000 after acquiring an additional 36 shares during the last quarter. Lindbrook Capital LLC boosted its holdings in shares of Cadence Design Systems by 1.7% in the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after buying an additional 38 shares during the last quarter. Empower Advisory Group LLC increased its holdings in Cadence Design Systems by 4.9% during the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after buying an additional 41 shares during the last quarter. Marcum Wealth LLC grew its position in shares of Cadence Design Systems by 4.1% during the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker's stock valued at $337,000 after acquiring an additional 44 shares during the period. Finally, CX Institutional increased its stake in shares of Cadence Design Systems by 2.6% in the 4th quarter. CX Institutional now owns 1,791 shares of the software maker's stock worth $538,000 after purchasing an additional 46 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

A number of brokerages have commented on CDNS. Piper Sandler upped their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Oppenheimer dropped their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Loop Capital decreased their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Finally, Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average target price of $324.83.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares of the company's stock, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the firm'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 value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock worth $31,229,155 over the last three months. 1.99% of the stock is owned by insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded up $3.07 during mid-day trading on Tuesday, hitting $257.40. 290,750 shares of the company's stock traded hands, compared to its average volume of 1,875,106. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99. The company's 50-day moving average is $273.52 and its two-hundred day moving average is $284.41. The company has a market capitalization of $70.61 billion, a P/E ratio of 66.79, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

About Cadence Design Systems

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.