Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Lessened by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,612 shares of the software maker's stock after selling 2,249 shares during the quarter. Corebridge Financial Inc.'s holdings in Cadence Design Systems were worth $27,225,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $171,991,000. Principal Financial Group Inc. raised its stake in shares of Cadence Design Systems by 33.0% during 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 purchasing an additional 501,833 shares during the period. Manning & Napier Advisors LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter worth $148,594,000. Proficio Capital Partners LLC acquired a new stake in Cadence Design Systems during the 4th quarter valued at $129,546,000. Finally, Jensen Investment Management Inc. purchased a new stake in Cadence Design Systems during the 4th quarter worth $126,571,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on CDNS shares. Loop Capital cut their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Robert W. Baird reduced their price target on shares of 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. Bank of America cut their price objective on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Finally, Oppenheimer lowered their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, Cadence Design Systems has an average rating of "Moderate Buy" and an average target price of $324.83.

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Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the transaction, the vice president now 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 document filed with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company's stock, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock worth $31,229,155 over the last quarter. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded down $1.78 during mid-day trading on Thursday, hitting $261.63. 687,678 shares of the company's stock traded hands, compared to its average volume of 1,805,198. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The firm has a 50 day moving average price of $276.25 and a 200 day moving average price of $284.31. The company has a market cap of $71.71 billion, a PE ratio of 67.78, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted 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 during the quarter, compared to analyst estimates 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 forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current 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.