Candriam S.C.A. Sells 82,400 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Candriam S.C.A. lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 21.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 297,388 shares of the software maker's stock after selling 82,400 shares during the quarter. Candriam S.C.A. owned approximately 0.11% of Cadence Design Systems worth $89,353,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Avior Wealth Management LLC boosted its stake in shares of 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 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 valued at $670,000 after purchasing an additional 38 shares during the period. Dudley Capital Management LLC boosted its stake in shares of Cadence Design Systems by 4.3% during the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker's stock valued at $257,000 after purchasing an additional 39 shares during the period. Fifth Third Wealth Advisors LLC boosted its stake in shares of Cadence Design Systems by 0.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker's stock valued at $1,501,000 after purchasing an additional 40 shares during the period. Finally, Paragon Advisors LLC boosted its stake in shares of Cadence Design Systems by 0.6% during the third quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker's stock valued at $1,752,000 after purchasing an additional 41 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

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Insider Activity

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the sale, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares of the company's stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock worth $33,504,126 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on CDNS shares. StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. Rosenblatt Securities raised their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Robert W. Baird dropped their price target on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a research note on Thursday, February 20th. Finally, Bank of America dropped their price target 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $326.92.

Cadence Design Systems Stock Up 0.0 %

Shares of NASDAQ:CDNS traded up $0.05 on Friday, hitting $243.21. 2,405,879 shares of the company traded hands, compared to its average volume of 1,766,864. Cadence Design Systems, Inc. has a 52 week low of $233.72 and a 52 week high of $328.99. 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 50 day simple moving average of $288.68 and a 200-day simple moving average of $285.45. The company has a market cap of $66.67 billion, a PE ratio of 63.01, 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 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 net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. As a group, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Cadence Design Systems 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.