Global Retirement Partners LLC Has $4.81 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Global Retirement Partners LLC reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 16,005 shares of the software maker’s stock after selling 2,519 shares during the quarter. Global Retirement Partners LLC’s holdings in Cadence Design Systems were worth $4,809,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. increased its position in shares of Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after buying an additional 216,075 shares during the period. Pittenger & Anderson Inc. increased its position in shares of Cadence Design Systems by 50.1% during the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after buying an additional 1,766 shares during the period. Meridiem Investment Management Ltd. increased its position in shares of Cadence Design Systems by 64.3% during the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after buying an additional 306,887 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after buying an additional 79,268 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Down 8.8 %

Cadence Design Systems stock opened at $274.04 on Thursday. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The firm has a market capitalization of $75.16 billion, a price-to-earnings ratio of 71.93, a price-to-earnings-growth ratio of 3.41 and a beta of 1.03. The firm’s fifty day moving average price is $302.96 and its two-hundred day moving average price is $287.16. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last released 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 net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,538,875 over the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Rosenblatt Securities increased their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday. Piper Sandler raised their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday. Loop Capital reduced their price target 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. Bank of America reduced their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Robert W. Baird raised their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $327.33.

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.