Artisan Partners Limited Partnership Cuts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Artisan Partners Limited Partnership reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 420,326 shares of the software maker’s stock after selling 65,367 shares during the quarter. Artisan Partners Limited Partnership’s holdings in Cadence Design Systems were worth $126,291,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Avior Wealth Management LLC grew its holdings in Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after purchasing an additional 36 shares during the last quarter. Lindbrook Capital LLC grew its stake in Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock worth $670,000 after buying an additional 38 shares during the last quarter. Empower Advisory Group LLC increased its position in Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after buying an additional 41 shares in the last quarter. Marcum Wealth LLC raised its stake in Cadence Design Systems by 4.1% in the fourth quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock valued at $337,000 after buying an additional 44 shares during the last quarter. Finally, CX Institutional increased its holdings in shares of Cadence Design Systems by 2.6% during the fourth quarter. CX Institutional now owns 1,791 shares of the software maker’s stock valued at $538,000 after acquiring an additional 46 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,021 shares of company stock worth $31,229,155 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CDNS shares. Loop Capital lowered their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Oppenheimer dropped 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 report on Wednesday, March 19th. Robert W. Baird lowered their price target 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. Finally, Rosenblatt Securities boosted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. One 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 stock currently has an average rating of “Moderate Buy” and a consensus price target of $324.83.

Cadence Design Systems Stock Performance

CDNS opened at $262.54 on Friday. The stock has a market cap of $71.96 billion, a P/E ratio of 68.02, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm has a fifty day moving average price of $275.52 and a 200 day moving average price of $284.16. Cadence Design Systems, Inc. has a 1 year low of $230.09 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (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 firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share 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.