Victory Capital Management Inc. Lowers Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Victory Capital Management Inc. cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 386,870 shares of the software maker's stock after selling 21,785 shares during the quarter. Victory Capital Management Inc. owned 0.14% of Cadence Design Systems worth $116,239,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Avior Wealth Management LLC increased its holdings in Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after acquiring an additional 36 shares in the last quarter. Dudley Capital Management LLC grew its position in shares of Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker's stock valued at $257,000 after purchasing an additional 39 shares during the period. Fifth Third Wealth Advisors LLC increased its stake in shares of Cadence Design Systems by 0.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker's stock worth $1,501,000 after purchasing an additional 40 shares in the last quarter. Paragon Advisors LLC raised its position in shares of Cadence Design Systems by 0.6% during the 3rd quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker's stock worth $1,752,000 after purchasing an additional 41 shares during the last quarter. Finally, Empower Advisory Group LLC lifted its stake in Cadence Design Systems by 4.9% in the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker's stock valued at $263,000 after buying an additional 41 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several equities research analysts have commented on the company. Robert W. Baird reduced their target price on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price objective for the company. Piper Sandler lifted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Bank of America reduced their target price 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. Finally, Mizuho upped their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $326.92.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares of the company's stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares of the company's stock, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,504,126 over the last 90 days. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Up 0.0 %

Shares of Cadence Design Systems stock traded up $0.05 during trading hours on Friday, reaching $243.21. 2,405,879 shares of the company were exchanged, compared to its average volume of 1,766,864. The firm has a market cap of $66.67 billion, a PE ratio of 63.01, a PEG ratio of 3.88 and a beta of 1.05. 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, Inc. has a 1 year low of $233.72 and a 1 year high of $328.99. The stock's fifty day moving average is $288.68 and its 200 day moving average is $285.44.

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 the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion for 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%. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current 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.