Invesco Ltd. Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Invesco Ltd. reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,119,301 shares of the software maker’s stock after selling 509,621 shares during the quarter. Invesco Ltd. owned approximately 0.77% of Cadence Design Systems worth $636,765,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in Cadence Design Systems in the fourth quarter worth approximately $28,000. Avalon Trust Co bought a new position in shares of Cadence Design Systems during the 4th quarter worth $39,000. Versant Capital Management Inc grew its position in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC increased its stake in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares during the period. Finally, OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $46,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

CDNS opened at $233.82 on Tuesday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The firm has a 50 day moving average of $266.96 and a two-hundred day moving average of $283.52. The firm has a market capitalization of $64.14 billion, a PE ratio of 60.58, a P/E/G ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (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 return on equity of 29.24% and a net margin of 22.74%. On average, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold 1,950 shares of company stock worth $518,499 over the last quarter. 1.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CDNS shares. Oppenheimer cut their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Needham & Company LLC reissued a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday, February 19th. Robert W. Baird lowered their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Piper Sandler boosted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Finally, Rosenblatt Securities upped their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $324.83.

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.