First Trust Advisors LP Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

First Trust Advisors LP reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 477,266 shares of the software maker’s stock after selling 69,266 shares during the period. First Trust Advisors LP owned about 0.17% of Cadence Design Systems worth $143,399,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of CDNS. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter valued at about $28,000. Avalon Trust Co purchased a new position in Cadence Design Systems in the fourth quarter valued at approximately $39,000. Versant Capital Management Inc raised its holdings in 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 in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $46,000. Finally, Synergy Investment Management LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $50,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Loop Capital cut their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Mizuho decreased their price objective on Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Finally, Piper Sandler lifted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. One 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $320.67.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now owns 108,799 shares of the company’s stock, valued at $27,486,979.36. The trade was a 0.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have sold 1,950 shares of company stock worth $518,499. 0.37% of the stock is owned by company insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $260.22 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $257.23 and a 200 day moving average price of $282.14. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. 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 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). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.