Barclays PLC Sells 70,161 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Barclays PLC lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 862,650 shares of the software maker’s stock after selling 70,161 shares during the quarter. Barclays PLC’s holdings in Cadence Design Systems were worth $259,194,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Principal Financial Group Inc. grew its position in shares of Cadence Design Systems by 33.0% during 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 during the period. M&T Bank Corp grew its stake in Cadence Design Systems by 78.5% in the third quarter. M&T Bank Corp now owns 35,218 shares of the software maker’s stock valued at $9,546,000 after acquiring an additional 15,491 shares during the period. Advisory Resource Group increased its holdings in shares of Cadence Design Systems by 20.9% in the third quarter. Advisory Resource Group now owns 3,721 shares of the software maker’s stock worth $1,009,000 after acquiring an additional 643 shares in the last quarter. Sanctuary Advisors LLC raised its position in shares of Cadence Design Systems by 20.4% during the third quarter. Sanctuary Advisors LLC now owns 19,870 shares of the software maker’s stock worth $5,385,000 after purchasing an additional 3,367 shares during the period. Finally, World Investment Advisors LLC grew its position in shares of Cadence Design Systems by 656.3% in the 3rd quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker’s stock valued at $2,021,000 after purchasing an additional 6,471 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $260.56 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm has a market cap of $71.48 billion, a price-to-earnings ratio of 67.50, a P/E/G ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The firm’s 50-day simple moving average is $260.59 and its 200 day simple moving average is $282.41.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly 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 net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CDNS shares. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. 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 report on Wednesday, March 19th. Piper Sandler lifted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Robert W. Baird lowered their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Finally, Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. One research 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $324.83.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares in the company, valued at $27,486,979.36. This represents a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders have sold 1,950 shares of company stock valued at $518,499. 1.99% of the stock is owned by corporate insiders.

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.