Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 23.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,856 shares of the software maker’s stock after selling 3,393 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Cadence Design Systems were worth $2,957,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Parkside Financial Bank & Trust raised its stake in Cadence Design Systems by 8.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after purchasing an additional 38 shares during the last quarter. Highview Capital Management LLC DE grew its holdings in Cadence Design Systems by 0.8% in the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after buying an additional 39 shares during the period. BSW Wealth Partners grew its holdings in Cadence Design Systems by 2.8% in the 4th quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock valued at $442,000 after buying an additional 44 shares during the period. Savant Capital LLC grew its holdings in Cadence Design Systems by 2.7% in the 3rd quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock valued at $406,000 after buying an additional 45 shares during the period. Finally, Optas LLC grew its holdings in Cadence Design Systems by 3.1% in the 4th quarter. Optas LLC now owns 1,565 shares of the software maker’s stock valued at $426,000 after buying an additional 47 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Robert W. Baird increased their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Stifel Nicolaus increased their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Finally, Piper Sandler lowered their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total value of $430,710.00. Following the sale, the director now directly owns 49,551 shares in the company, valued at $14,228,074.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total value of $430,710.00. Following the transaction, the director now directly owns 49,551 shares in the company, valued at $14,228,074.14. The disclosure for this sale can be found here. Over the last three months, insiders have sold 109,298 shares of company stock worth $33,247,394. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Performance

CDNS traded up $5.55 during trading hours on Thursday, hitting $298.39. 652,139 shares of the stock were exchanged, compared to its average volume of 1,517,703. The stock has a 50-day simple moving average of $296.56 and a 200-day simple moving average of $286.72. Cadence Design Systems, Inc. has a 12 month low of $203.13 and a 12 month high of $327.36. The stock has a market cap of $81.20 billion, a price-to-earnings ratio of 76.26, a price-to-earnings-growth ratio of 3.55 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period last year, the business posted $1.02 earnings per share. Analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

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.