Canada Pension Plan Investment Board Sells 40,780 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Canada Pension Plan Investment Board trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 33.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 82,637 shares of the software maker’s stock after selling 40,780 shares during the period. Canada Pension Plan Investment Board’s holdings in Cadence Design Systems were worth $24,829,000 at the end of the most recent reporting period.

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

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $260.22 on Friday. The stock’s 50-day moving average is $257.23 and its 200 day moving average is $282.14. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. 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 company has a market cap of $71.38 billion, a P/E ratio of 67.41, a PEG ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last issued 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). 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 during the quarter, compared to analysts’ expectations of $1.35 billion. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CDNS shares. Robert W. Baird dropped their target price 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. Oppenheimer reduced their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Piper Sandler boosted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Mizuho reduced their target price on shares of Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Finally, Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $320.67.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. The trade was a 1.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 1,950 shares of company stock valued at $518,499. Corporate insiders own 0.37% of the company’s stock.

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.