MetLife Investment Management LLC Boosts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

MetLife Investment Management LLC lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 84,579 shares of the software maker's stock after purchasing an additional 988 shares during the period. MetLife Investment Management LLC's holdings in Cadence Design Systems were worth $25,413,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock worth $547,886,000 after purchasing an additional 501,833 shares during the period. M&T Bank Corp lifted its stake in shares of Cadence Design Systems by 78.5% in the third quarter. M&T Bank Corp now owns 35,218 shares of the software maker's stock worth $9,546,000 after acquiring an additional 15,491 shares during the period. Advisory Resource Group increased its position in Cadence Design Systems by 20.9% during the 3rd quarter. Advisory Resource Group now owns 3,721 shares of the software maker's stock valued at $1,009,000 after purchasing an additional 643 shares during the period. World Investment Advisors LLC boosted its stake in shares of Cadence Design Systems by 656.3% in the 3rd quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker's stock valued at $2,021,000 after purchasing an additional 6,471 shares during the last quarter. Finally, Arvest Bank Trust Division acquired a new position in Cadence Design Systems in the third quarter valued at $202,000. Institutional investors own 84.85% of the company's stock.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now owns 108,799 shares of the company's stock, valued at $27,486,979.36. This represents a 0.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 1,950 shares of company stock valued at $518,499 in the last quarter. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

CDNS stock traded up $5.74 during mid-day trading on Friday, reaching $287.52. 1,252,539 shares of the company traded hands, compared to its average volume of 1,928,267. The company has a fifty day moving average price of $254.75 and a 200-day moving average price of $281.98. 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 52-week low of $221.56 and a 52-week high of $328.99. The company has a market capitalization of $78.87 billion, a P/E ratio of 74.52, a P/E/G ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released 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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research analyst reports. Piper Sandler upped their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. StockNews.com downgraded shares of 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 for the company in a report on Wednesday, February 19th. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Finally, Oppenheimer cut their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average target price of $321.00.

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.