Voya Investment Management LLC Sells 322,273 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Voya Investment Management LLC lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 18.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,422,598 shares of the software maker's stock after selling 322,273 shares during the period. Voya Investment Management LLC owned approximately 0.52% of Cadence Design Systems worth $427,348,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the 4th quarter worth $28,000. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems in the 4th quarter worth $39,000. Versant Capital Management Inc raised its holdings in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. OFI Invest Asset Management bought a new stake in Cadence Design Systems during the 4th quarter valued at $46,000. Finally, Synergy Investment Management LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at about $50,000. 84.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares of the company's stock, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 1,950 shares of company stock worth $518,499 in the last ninety days. Insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CDNS. Mizuho reduced their price objective on Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a "buy" rating and a $350.00 price objective on the stock. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $300.00 to $325.00 in a research note on Thursday. Robert W. Baird decreased their price target on 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. Finally, Rosenblatt Securities upped their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average target price of $321.00.

Cadence Design Systems Price Performance

CDNS stock traded down $3.89 on Monday, hitting $285.74. 3,408,823 shares of the company's stock traded hands, compared to its average volume of 1,937,368. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The stock has a market cap of $78.38 billion, a price-to-earnings ratio of 74.03, a P/E/G ratio of 3.88 and a beta of 1.14. 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 stock has a fifty day moving average of $254.54 and a 200-day moving average of $282.14.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued 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 net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS 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.