Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.3% in the 4th quarter, HoldingsChannel reports. The firm owned 390,143 shares of the software maker’s stock after selling 13,145 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in Cadence Design Systems were worth $117,176,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Golden State Wealth Management LLC purchased a new position in Cadence Design Systems in the 4th quarter valued at about $28,000. Avalon Trust Co purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $39,000. Versant Capital Management Inc boosted its holdings in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the 4th quarter valued at about $46,000. Finally, Synergy Investment Management LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at about $50,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 1.9 %

NASDAQ:CDNS opened at $259.26 on Thursday. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The business’s 50-day simple moving average is $259.01 and its 200 day simple moving average is $282.13. 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 stock has a market cap of $71.12 billion, a price-to-earnings ratio of 67.17, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results 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 business 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%. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CDNS. 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 report on Wednesday, February 19th. Mizuho reduced their target price on Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating on the stock in a report on Tuesday. Piper Sandler upped their price target 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. Robert W. Baird dropped their target price on shares of 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, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $320.67.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $27,486,979.36. This represents a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 1,950 shares of company stock valued at $518,499. Insiders own 0.37% of the company’s stock.

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.