Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 50.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 172,990 shares of the software maker’s stock after selling 172,807 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Cadence Design Systems were worth $51,977,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Cadence Design Systems during the 4th quarter valued at about $1,170,209,000. Raymond James Financial Inc. acquired a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $171,991,000. Principal Financial Group Inc. grew its holdings in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in Cadence Design Systems during the 4th quarter valued at $148,594,000. Finally, Proficio Capital Partners LLC acquired a new position in Cadence Design Systems during the 4th quarter worth $129,546,000. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CDNS. Oppenheimer cut their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Bank of America decreased their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Robert W. Baird cut their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Piper Sandler lifted their price target 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. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $324.83.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock worth $31,229,155 over the last three months. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 1.8 %

NASDAQ:CDNS opened at $258.79 on Wednesday. The company has a market capitalization of $70.99 billion, a P/E ratio of 67.04, a P/E/G ratio of 3.88 and a beta of 1.05. The stock’s 50 day moving average price is $272.48 and its 200 day moving average price is $284.34. 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 52 week low of $230.09 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate 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 business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. On average, 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.