Invesco Ltd. Has $636.77 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Invesco Ltd. lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 19.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,119,301 shares of the software maker's stock after selling 509,621 shares during the period. Invesco Ltd. owned 0.77% of Cadence Design Systems worth $636,765,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems in the fourth quarter valued at about $28,000. Avalon Trust Co bought a new position in Cadence Design Systems in the 4th quarter valued at about $39,000. Versant Capital Management Inc raised its position in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after buying an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC lifted its holdings in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock worth $45,000 after acquiring an additional 60 shares during the period. Finally, OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $46,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CDNS shares. Bank of America cut their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Rosenblatt Securities boosted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 target price for the company. Robert W. Baird decreased 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 report on Thursday, February 20th. Finally, Loop Capital dropped their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. One 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $324.83.

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Cadence Design Systems Trading Up 2.1 %

NASDAQ CDNS traded up $5.45 on Friday, reaching $259.47. The company had a trading volume of 1,647,475 shares, compared to its average volume of 1,948,680. The firm has a market cap of $71.18 billion, a price-to-earnings ratio of 67.22, a P/E/G 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 fifty-two week low of $221.56 and a fifty-two week high of $328.99. The business has a 50 day moving average of $261.43 and a two-hundred day moving average of $282.51.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (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 company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have sold 1,950 shares of company stock valued at $518,499. 1.99% of the stock is currently owned by insiders.

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.