First Trust Advisors LP Sells 69,266 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

First Trust Advisors LP trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 12.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 477,266 shares of the software maker's stock after selling 69,266 shares during the period. First Trust Advisors LP owned about 0.17% of Cadence Design Systems worth $143,399,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Avior Wealth Management LLC grew its stake in Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after purchasing an additional 36 shares during the period. Accredited Investors Inc. increased its position in Cadence Design Systems by 1.7% in the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after buying an additional 36 shares in the last quarter. Lindbrook Capital LLC raised its position in shares of Cadence Design Systems by 1.7% during the 4th 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. Oarsman Capital Inc. lifted its holdings in Cadence Design Systems by 3.8% in the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock worth $313,000 after purchasing an additional 38 shares in the last quarter. Finally, Empower Advisory Group LLC boosted its holdings in shares of Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after purchasing an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent analyst reports. Robert W. Baird reduced 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 research note on Thursday, February 20th. Rosenblatt Securities lifted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Oppenheimer decreased 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. Loop Capital dropped their price target on shares of 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. Finally, 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 report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $320.67.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders sold 1,950 shares of company stock valued at $518,499. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of CDNS traded up $7.27 during midday trading on Wednesday, reaching $265.42. The stock had a trading volume of 1,707,510 shares, compared to its average volume of 1,942,384. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The company has a market capitalization of $72.81 billion, a P/E ratio of 68.76, a P/E/G ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The firm's 50 day moving average price is $255.62 and its 200-day moving average price is $281.96.

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 analysts' consensus estimates 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 firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.