Russell Investments Group Ltd. Sells 22,499 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Russell Investments Group Ltd. cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 314,700 shares of the software maker’s stock after selling 22,499 shares during the quarter. Russell Investments Group Ltd. owned 0.12% of Cadence Design Systems worth $85,798,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale grew its holdings in Cadence Design Systems by 34.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after acquiring an additional 99,251 shares during the last quarter. Miracle Mile Advisors LLC bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $934,000. Pacer Advisors Inc. lifted its position in shares of Cadence Design Systems by 9.4% in the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after purchasing an additional 3,484 shares during the period. Patton Fund Management Inc. acquired a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $55,443,000. 84.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CDNS shares. Robert W. Baird boosted their price target 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. KeyCorp boosted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. Piper Sandler dropped their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $326.11.

Cadence Design Systems Stock Up 1.9 %

CDNS traded up $5.33 during trading on Friday, hitting $282.41. 2,141,655 shares of the company’s stock were exchanged, compared to its average volume of 1,576,006. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $303.85 and its two-hundred day moving average is $281.40. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The stock has a market cap of $76.85 billion, a P/E ratio of 73.54, a PEG ratio of 3.32 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the company posted $1.02 earnings per share. The business’s revenue was down 1.2% on a year-over-year basis. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares in the company, valued at $41,468,674.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 173,044 shares of company stock worth $52,231,207. Insiders own 1.99% of the company’s stock.

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.