Bank of Montreal Can Cuts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bank of Montreal Can decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 427,873 shares of the software maker's stock after selling 13,240 shares during the period. Bank of Montreal Can owned about 0.16% of Cadence Design Systems worth $128,559,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock valued at $547,886,000 after buying an additional 501,833 shares in the last quarter. IHT Wealth Management LLC lifted its holdings in Cadence Design Systems by 41.5% in the third quarter. IHT Wealth Management LLC now owns 1,466 shares of the software maker's stock valued at $394,000 after acquiring an additional 430 shares during the period. Kovitz Investment Group Partners LLC boosted its position in shares of Cadence Design Systems by 99.5% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 6,894 shares of the software maker's stock worth $1,868,000 after purchasing an additional 3,438 shares in the last quarter. Insigneo Advisory Services LLC lifted its stake in shares of Cadence Design Systems by 3.0% in the third quarter. Insigneo Advisory Services LLC now owns 1,732 shares of the software maker's stock valued at $469,000 after purchasing an additional 50 shares during the period. Finally, EP Wealth Advisors LLC boosted its holdings in Cadence Design Systems by 56.7% during the third quarter. EP Wealth Advisors LLC now owns 3,786 shares of the software maker's stock worth $1,026,000 after buying an additional 1,370 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

CDNS has been the subject of a number of research reports. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 price target for the company. Oppenheimer decreased their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Finally, Loop Capital dropped their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $324.83.

Cadence Design Systems Trading Up 2.1 %

NASDAQ CDNS traded up $5.45 during mid-day trading on Friday, reaching $259.47. 1,647,475 shares of the stock were exchanged, compared to its average volume of 1,948,680. The business's fifty day simple moving average is $261.43 and its 200 day simple moving average is $282.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a market capitalization of $71.18 billion, a PE ratio of 67.22, a PEG ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99.

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

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the sale, the vice president now directly owns 108,799 shares in the company, valued at $27,486,979.36. This represents a 0.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last three months, insiders have sold 1,950 shares of company stock valued at $518,499. Insiders own 1.99% of the company's stock.

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.