Global Retirement Partners LLC Sells 2,519 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Global Retirement Partners LLC lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 16,005 shares of the software maker's stock after selling 2,519 shares during the quarter. Global Retirement Partners LLC's holdings in Cadence Design Systems were worth $4,809,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Van ECK Associates Corp grew its stake in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock valued at $689,472,000 after buying an additional 572,251 shares in the last quarter. Principal Financial Group Inc. grew its position in Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock worth $547,886,000 after acquiring an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in Cadence Design Systems in the fourth quarter worth approximately $148,594,000. Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock worth $2,406,760,000 after purchasing an additional 404,076 shares during the last quarter. Finally, AustralianSuper Pty Ltd raised its holdings in shares of Cadence Design Systems by 2,353.1% during the 4th quarter. AustralianSuper Pty Ltd now owns 406,682 shares of the software maker's stock valued at $122,192,000 after purchasing an additional 390,104 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In related news, VP Paul Scannell sold 3,171 shares of the company's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the transaction, the vice president now owns 60,461 shares of the company's stock, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,538,875 over the last three months. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

CDNS stock traded down $12.20 on Friday, reaching $258.04. 2,453,586 shares of the company were exchanged, compared to its average volume of 1,803,784. The firm has a market capitalization of $70.77 billion, a PE ratio of 66.87, a PEG ratio of 3.17 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The stock's fifty day moving average price is $301.51 and its 200 day moving average price is $286.95. 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 (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (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 for the quarter, compared to the consensus estimate of $1.35 billion. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 5.57 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CDNS shares. Needham & Company LLC reiterated a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday. Piper Sandler increased their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday. 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. Robert W. Baird decreased their target price on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a research report on Thursday. Finally, Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average target price of $326.92.

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.