Legal & General Group Plc Has $575.40 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Legal & General Group Plc trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 28.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,915,055 shares of the software maker's stock after selling 743,370 shares during the quarter. Legal & General Group Plc owned about 0.70% of Cadence Design Systems worth $575,397,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Avior Wealth Management LLC raised its stake in shares of Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock valued at $98,000 after acquiring an additional 36 shares in the last quarter. Lindbrook Capital LLC boosted its position in Cadence Design Systems by 1.7% during the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after purchasing an additional 38 shares during the period. Oarsman Capital Inc. grew its holdings in Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after purchasing an additional 38 shares during the last quarter. Empower Advisory Group LLC raised its position in shares of Cadence Design Systems by 4.9% in the fourth 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 period. Finally, Marcum Wealth LLC boosted its holdings in shares of Cadence Design Systems by 4.1% during the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker's stock worth $337,000 after buying an additional 44 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

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Cadence Design Systems Price Performance

Shares of CDNS stock traded up $5.45 during trading hours on Friday, hitting $259.47. The company had a trading volume of 1,647,475 shares, compared to its average volume of 1,948,680. The firm's fifty day moving average is $261.43 and its 200 day moving average is $282.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm has a market capitalization of $71.18 billion, a price-to-earnings ratio of 67.22, a PEG ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on CDNS. Loop Capital dropped 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 report on Wednesday, February 19th. Needham & Company LLC reissued a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 target price on the stock. Piper Sandler upped their price target 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, Bank of America cut their target price on shares of 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. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $324.83.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares of the company's stock, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, 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 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.