Covestor Ltd Reduces Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Covestor Ltd trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 363 shares of the software maker’s stock after selling 51 shares during the period. Covestor Ltd’s holdings in Cadence Design Systems were worth $109,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in Cadence Design Systems during the fourth quarter worth approximately $1,170,209,000. Schroder Investment Management Group lifted its stake in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock worth $623,105,000 after purchasing an additional 716,041 shares during the period. FMR LLC boosted its holdings in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Alliancebernstein L.P. increased its stake in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after purchasing an additional 632,175 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Cadence Design Systems in the fourth quarter valued at $171,991,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $259.47 on Friday. The business’s 50-day simple moving average is $261.43 and its 200 day simple moving average is $282.45. The company has a market cap of $71.18 billion, a P/E ratio of 67.22, a PEG ratio of 3.88 and a beta of 1.14. 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 one year low of $221.56 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 1,950 shares of company stock valued at $518,499 in the last ninety days. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Loop Capital lowered their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Piper Sandler boosted their target price 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. Bank of America cut their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $324.83.

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.