Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Lessened by Korea Investment CORP

Korea Investment CORP cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 36.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 171,110 shares of the software maker’s stock after selling 97,375 shares during the period. Korea Investment CORP’s holdings in Cadence Design Systems were worth $51,412,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of CDNS. SwitchPoint Financial Planning LLC acquired a new position in Cadence Design Systems in the 4th quarter worth approximately $3,107,000. Keystone Investors PTE Ltd. purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at $3,830,000. TIAA Trust National Association boosted its position in shares of Cadence Design Systems by 8.4% in the fourth quarter. TIAA Trust National Association now owns 2,396 shares of the software maker’s stock worth $720,000 after buying an additional 185 shares during the period. TD Asset Management Inc. grew its holdings in shares of Cadence Design Systems by 1.2% during the fourth quarter. TD Asset Management Inc. now owns 368,347 shares of the software maker’s stock valued at $110,674,000 after buying an additional 4,369 shares in the last quarter. Finally, Segall Bryant & Hamill LLC grew its holdings in shares of Cadence Design Systems by 2.8% during the fourth quarter. Segall Bryant & Hamill LLC now owns 97,692 shares of the software maker’s stock valued at $29,353,000 after buying an additional 2,678 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the firm’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 transaction, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,021 shares of company stock worth $31,229,155. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CDNS shares. Mizuho lifted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Loop Capital lowered their price objective on shares of 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. Needham & Company LLC reissued a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Bank of America dropped their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Robert W. Baird reduced their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $324.83.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $262.54 on Friday. The firm’s 50-day moving average is $275.52 and its 200-day moving average is $284.16. The company has a market cap of $71.96 billion, a price-to-earnings ratio of 68.02, a PEG ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Equities research analysts anticipate 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.