Martin Currie Ltd. Sells 22,124 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Martin Currie Ltd. trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 9.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 208,588 shares of the software maker's stock after selling 22,124 shares during the period. Cadence Design Systems accounts for approximately 2.3% of Martin Currie Ltd.'s holdings, making the stock its 16th largest holding. Martin Currie Ltd. owned approximately 0.08% of Cadence Design Systems worth $62,672,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CDNS. Norges Bank acquired a new position in shares of Cadence Design Systems in the fourth quarter worth about $1,170,209,000. Schroder Investment Management Group boosted its stake in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after buying an additional 716,041 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Cadence Design Systems in the fourth quarter worth $171,991,000. Principal Financial Group Inc. boosted its stake in Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock valued at $547,886,000 after acquiring an additional 501,833 shares during the last quarter. Finally, Manning & Napier Advisors LLC acquired a new position in Cadence Design Systems during the 4th quarter worth $148,594,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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Cadence Design Systems Trading Down 6.1 %

CDNS stock traded down $16.14 during mid-day trading on Thursday, reaching $248.80. 873,095 shares of the stock traded hands, compared to its average volume of 1,882,072. The stock's fifty day moving average is $271.35 and its 200-day moving average is $284.21. The company has a market cap of $68.25 billion, a P/E ratio of 64.46, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on CDNS. Loop Capital lowered their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Bank of America lowered their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Redburn Atlantic assumed coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. Mizuho raised their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. 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 assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $324.83.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company's stock, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares of the company's stock, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 94,451 shares of company stock valued at $29,231,093 over the last three months. 1.99% of the stock is owned by corporate insiders.

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.