Martingale Asset Management L P Cuts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Martingale Asset Management L P lessened its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,726 shares of the software maker’s stock after selling 250 shares during the quarter. Martingale Asset Management L P’s holdings in Cadence Design Systems were worth $519,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CDNS. Principal Financial Group Inc. increased its stake in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares during the period. M&T Bank Corp grew its holdings in shares of 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 worth $9,546,000 after purchasing an additional 15,491 shares during the last quarter. Advisory Resource Group increased its stake 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 buying an additional 643 shares during the period. Sanctuary Advisors LLC raised its holdings in Cadence Design Systems by 20.4% during the 3rd quarter. Sanctuary Advisors LLC now owns 19,870 shares of the software maker’s stock valued at $5,385,000 after buying an additional 3,367 shares during the last quarter. Finally, World Investment Advisors LLC boosted its position in Cadence Design Systems by 656.3% during the 3rd quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker’s stock valued at $2,021,000 after buying an additional 6,471 shares during the period. 84.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of analyst reports. Bank of America decreased their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Piper Sandler upped 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. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. Rosenblatt Securities boosted their target price 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. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 1,950 shares of company stock worth $518,499. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Up 2.1 %

NASDAQ:CDNS opened at $259.47 on Friday. 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’s 50-day moving average price is $261.43 and its 200-day moving average price is $282.45. The company has a market capitalization of $71.18 billion, a PE ratio of 67.22, a P/E/G ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share 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 business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. On average, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Cadence Design Systems 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.