Korea Investment CORP Decreases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Korea Investment CORP lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 36.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 171,110 shares of the software maker's stock after selling 97,375 shares during the quarter. Korea Investment CORP owned about 0.06% of Cadence Design Systems worth $51,412,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems in the fourth quarter worth $28,000. Avalon Trust Co purchased a new position in shares of Cadence Design Systems in the 4th quarter worth $39,000. Versant Capital Management Inc increased its holdings in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after buying an additional 87 shares during the last quarter. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $46,000. Finally, Prestige Wealth Management Group LLC lifted its holdings in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after acquiring an additional 60 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Trading Up 1.8 %

Shares of Cadence Design Systems stock traded up $4.46 on Tuesday, hitting $258.79. 1,421,095 shares of the company traded hands, compared to its average volume of 1,883,330. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company has a market cap of $70.99 billion, a PE ratio of 67.04, a PEG ratio of 3.88 and a beta of 1.05. The stock's 50 day moving average price is $272.48 and its 200-day moving average price is $284.34. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99.

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

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 5,920 shares of the company's stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems 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 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 disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock worth $31,229,155 in the last three months. Corporate insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of recent research reports. Robert W. Baird decreased their price objective on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research report on Thursday, February 20th. StockNews.com downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Oppenheimer cut their price objective on shares of 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. Piper Sandler increased their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Finally, 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $324.83.

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.