Envestnet Portfolio Solutions Inc. Sells 1,445 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Envestnet Portfolio Solutions Inc. decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 34,069 shares of the software maker's stock after selling 1,445 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Cadence Design Systems were worth $10,236,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Swedbank AB raised its stake in shares of Cadence Design Systems by 15.1% in the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker's stock valued at $475,336,000 after buying an additional 230,672 shares in the last quarter. Principal Financial Group Inc. lifted its stake in 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 worth $547,886,000 after purchasing an additional 501,833 shares during the period. Huntington National Bank boosted its holdings in Cadence Design Systems by 6.8% during the third quarter. Huntington National Bank now owns 1,853 shares of the software maker's stock valued at $502,000 after purchasing an additional 118 shares in the last quarter. Curi RMB Capital LLC bought a new stake in shares of Cadence Design Systems in the 3rd quarter valued at approximately $226,000. Finally, OneDigital Investment Advisors LLC raised its holdings in shares of Cadence Design Systems by 63.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,477 shares of the software maker's stock worth $942,000 after buying an additional 1,350 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

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Analyst Ratings Changes

CDNS has been the topic of several recent analyst reports. StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Robert W. Baird lowered their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. Loop Capital cut their price target 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. Oppenheimer reduced their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday. Finally, Mizuho lifted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus price target of $324.83.

Cadence Design Systems Trading Down 0.1 %

Cadence Design Systems stock traded down $0.20 during midday trading on Thursday, hitting $258.50. 1,722,598 shares of the stock were exchanged, compared to its average volume of 1,793,056. The company has a fifty day simple moving average of $279.62 and a two-hundred day simple moving average of $284.01. 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 market capitalization of $70.86 billion, a PE ratio of 66.97, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $1.36 billion for 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%. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the company'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 value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the sale, the vice president now owns 59,311 shares of the company's stock, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,021 shares of company stock valued at $31,229,155 over the last quarter. Corporate 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.