BI Asset Management Fondsmaeglerselskab A S Decreases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

BI Asset Management Fondsmaeglerselskab A S reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 26.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,285 shares of the software maker's stock after selling 4,810 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Cadence Design Systems were worth $3,992,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Avior Wealth Management LLC increased its holdings in shares of Cadence Design Systems by 12.4% in the 4th 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 period. Accredited Investors Inc. increased its stake in Cadence Design Systems by 1.7% in the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after purchasing an additional 36 shares during the period. Lindbrook Capital LLC boosted its stake in shares of Cadence Design Systems by 1.7% during 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 period. Oarsman Capital Inc. grew its holdings in shares of Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock worth $313,000 after buying an additional 38 shares during the last quarter. Finally, Empower Advisory Group LLC raised its stake in Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after acquiring an additional 41 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Mizuho decreased their price target on Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Oppenheimer dropped their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. Rosenblatt Securities lifted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Bank of America cut their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Finally, Piper Sandler upped their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" 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 eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $321.00.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 1,950 shares of company stock worth $518,499 in the last three months. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

Shares of CDNS traded up $7.85 during trading hours on Friday, reaching $289.63. 2,413,618 shares of the company traded hands, compared to its average volume of 1,932,741. The stock has a market capitalization of $79.45 billion, a PE ratio of 75.03, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a fifty day simple moving average of $254.75 and a 200 day simple moving average of $281.98. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99.

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

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.