Russell Investments Group Ltd. Sells 20,026 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Russell Investments Group Ltd. decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 12.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 143,427 shares of the software maker's stock after selling 20,026 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.05% of Cadence Design Systems worth $43,133,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems during the 4th quarter valued at about $28,000. Avalon Trust Co acquired a new position in Cadence Design Systems in the 4th quarter worth $39,000. Versant Capital Management Inc grew its holdings in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after buying an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC raised its position in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after buying an additional 60 shares during the last quarter. Finally, OFI Invest Asset Management bought a new stake in Cadence Design Systems in the 4th quarter valued at approximately $46,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the sale, the vice president now owns 108,799 shares of the company's stock, valued at approximately $27,486,979.36. This represents a 0.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 company insiders.

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Cadence Design Systems Stock Performance

CDNS traded up $5.45 during trading hours on Friday, reaching $259.47. The company's stock had a trading volume of 1,647,475 shares, compared to its average volume of 1,948,680. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The firm has a market cap of $71.18 billion, a PE ratio of 67.22, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The company's 50-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.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its 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). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CDNS. Piper Sandler lifted their price objective 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. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Bank of America decreased their price objective on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Oppenheimer dropped 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. Finally, Robert W. Baird decreased their price target on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a research note on Thursday, February 20th. 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. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $324.83.

Cadence Design Systems Company 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.