Massachusetts Financial Services Co. MA Sells 2,633,224 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Massachusetts Financial Services Co. MA cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 33.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,248,152 shares of the software maker's stock after selling 2,633,224 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.91% of Cadence Design Systems worth $1,576,860,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Norges Bank purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at $1,170,209,000. Schroder Investment Management Group grew its stake in Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after buying an additional 716,041 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after buying an additional 632,175 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at $171,991,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of 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 worth $547,886,000 after acquiring an additional 501,833 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the company's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the firm'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 directly owns 58,123 shares of the company's stock, valued at $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,101 shares of company stock worth $29,395,309 over the last 90 days. 1.99% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CDNS shares. Mizuho raised their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. StockNews.com downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Loop Capital reduced 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 report on Wednesday, February 19th. 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 report on Wednesday, February 19th. Finally, Bank of America cut their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. One 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's stock. According to MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average target price of $324.83.

Cadence Design Systems Trading Down 6.4 %

CDNS traded down $16.03 during midday trading on Friday, reaching $232.88. 4,201,295 shares of the company's stock traded hands, compared to its average volume of 1,908,919. The stock has a market capitalization of $63.88 billion, a price-to-earnings ratio of 60.33, a P/E/G ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The firm has a fifty day moving average of $268.08 and a two-hundred day moving average of $283.75. 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 announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.