FIL Ltd Lowers Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

FIL Ltd lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 37.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,665 shares of the software maker's stock after selling 27,475 shares during the quarter. FIL Ltd's holdings in Cadence Design Systems were worth $14,021,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Principal Financial Group Inc. raised its position in Cadence Design Systems by 33.0% in the 3rd 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. M&T Bank Corp increased its stake in Cadence Design Systems by 78.5% in the third quarter. M&T Bank Corp now owns 35,218 shares of the software maker's stock worth $9,546,000 after purchasing an additional 15,491 shares during the period. Advisory Resource Group grew its holdings in shares of Cadence Design Systems by 20.9% in the third quarter. Advisory Resource Group now owns 3,721 shares of the software maker's stock worth $1,009,000 after purchasing an additional 643 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in Cadence Design Systems by 20.4% during the 3rd quarter. Sanctuary Advisors LLC now owns 19,870 shares of the software maker's stock valued at $5,385,000 after buying an additional 3,367 shares in the last quarter. Finally, World Investment Advisors LLC grew its stake in Cadence Design Systems by 656.3% in the 3rd quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker's stock worth $2,021,000 after acquiring an additional 6,471 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

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Cadence Design Systems Stock Performance

NASDAQ:CDNS traded down $5.05 during mid-day trading on Wednesday, hitting $259.26. The company's stock had a trading volume of 2,168,146 shares, compared to its average volume of 1,949,657. The business's fifty day moving average is $259.82 and its two-hundred day moving average is $282.29. The stock has a market cap of $71.12 billion, a price-to-earnings ratio of 67.17, a PEG ratio of 3.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released 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). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the company. Bank of America reduced their price objective on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Loop Capital cut their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research note on Thursday, February 20th. Piper Sandler upped their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. One investment 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. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $320.67.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares of the company's stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 1,950 shares of company stock worth $518,499 in the last 90 days. Corporate insiders own 0.37% of the company's stock.

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.