B. Metzler seel. Sohn & Co. AG Lowers Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

B. Metzler seel. Sohn & Co. AG trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,742 shares of the software maker’s stock after selling 1,578 shares during the quarter. B. Metzler seel. Sohn & Co. AG’s holdings in Cadence Design Systems were worth $7,735,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $1,170,209,000. Schroder Investment Management Group grew its stake in Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after acquiring an additional 716,041 shares during the period. Alliancebernstein L.P. increased its holdings in Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after acquiring an additional 632,175 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Cadence Design Systems during the fourth quarter worth $171,991,000. Finally, Principal Financial Group Inc. lifted its holdings in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $16,987,930.96. The trade was a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock valued at $31,229,155 over the last quarter. 1.99% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on CDNS shares. Mizuho boosted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Piper Sandler boosted 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. Needham & Company LLC restated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Loop Capital lowered their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Robert W. Baird reduced their price objective 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 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’s stock. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $324.83.

Cadence Design Systems Stock Down 0.9 %

NASDAQ CDNS opened at $254.33 on Tuesday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The business’s fifty day simple moving average is $273.52 and its 200-day simple moving average is $284.41. The firm has a market cap of $69.77 billion, a PE ratio of 65.89, a P/E/G ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last posted its 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 firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current 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.