Renaissance Group LLC Sells 1,131 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Renaissance Group LLC cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 117,168 shares of the software maker's stock after selling 1,131 shares during the period. Cadence Design Systems accounts for about 1.5% of Renaissance Group LLC's investment portfolio, making the stock its 27th biggest position. Renaissance Group LLC's holdings in Cadence Design Systems were worth $35,204,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of CDNS. Vanguard Group Inc. raised its position in Cadence Design Systems by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock worth $7,784,674,000 after purchasing an additional 201,340 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock valued at $2,406,760,000 after buying an additional 404,076 shares during the period. FMR LLC raised its position in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after acquiring an additional 639,146 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Cadence Design Systems by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock valued at $1,806,019,000 after acquiring an additional 135,251 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after acquiring an additional 632,175 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

A number of research firms have issued reports on CDNS. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Robert W. Baird reduced their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research note on Thursday, February 20th. Oppenheimer lowered their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Bank of America cut their price target on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Finally, Piper Sandler lifted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $324.83.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems 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 sale, the vice president now owns 58,123 shares of the company's stock, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 1,950 shares of company stock worth $518,499 over the last three months. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Up 2.1 %

Shares of NASDAQ:CDNS traded up $5.45 during trading on Friday, hitting $259.47. 1,647,475 shares of the company's stock traded hands, compared to its average volume of 1,948,680. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $261.43 and a 200-day moving average price of $282.51. 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 cap of $71.18 billion, a price-to-earnings ratio of 67.22, a price-to-earnings-growth 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 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $1.35 billion. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.