Victory Capital Management Inc. Sells 21,785 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Victory Capital Management Inc. decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 386,870 shares of the software maker’s stock after selling 21,785 shares during the period. Victory Capital Management Inc.’s holdings in Cadence Design Systems were worth $116,239,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. State Street Corp boosted its stake in Cadence Design Systems by 0.5% during the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after buying an additional 60,490 shares during the period. Jennison Associates LLC boosted its stake in Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after buying an additional 404,076 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Cadence Design Systems by 0.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock valued at $1,081,098,000 after buying an additional 37,452 shares during the period. Nordea Investment Management AB boosted its stake in Cadence Design Systems by 6.5% during the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after buying an additional 178,212 shares during the period. Finally, Janus Henderson Group PLC boosted its stake in Cadence Design Systems by 3.6% during the third quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker’s stock valued at $608,373,000 after buying an additional 77,246 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock worth $33,504,126 in the last 90 days. Company insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CDNS shares. Mizuho lifted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Rosenblatt Securities raised their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Piper Sandler raised 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, 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 report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Stock Up 1.4 %

CDNS opened at $244.70 on Thursday. The company has a market cap of $67.07 billion, a P/E ratio of 63.39, a P/E/G ratio of 3.88 and a beta of 1.03. The business’s 50-day moving average price is $291.22 and its 200-day moving average price is $285.98. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12 month low of $233.72 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion during 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%. On average, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems Company 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.