Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 90,612 shares of the software maker’s stock after selling 2,249 shares during the quarter. Corebridge Financial Inc.’s holdings in Cadence Design Systems were worth $27,225,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Congress Wealth Management LLC DE increased its stake in Cadence Design Systems by 101.2% during the 4th quarter. Congress Wealth Management LLC DE now owns 4,888 shares of the software maker’s stock valued at $1,469,000 after purchasing an additional 2,458 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Cadence Design Systems by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock valued at $7,784,674,000 after acquiring an additional 201,340 shares during the period. Stevens Capital Management LP purchased a new position in Cadence Design Systems in the 4th quarter worth $221,000. LPL Financial LLC lifted its position in Cadence Design Systems by 5.1% during the 4th quarter. LPL Financial LLC now owns 326,194 shares of the software maker’s stock worth $98,008,000 after acquiring an additional 15,886 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in Cadence Design Systems during the 4th quarter valued at about $29,295,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the transaction, the vice president now owns 59,311 shares in the company, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,021 shares of company stock worth $31,229,155. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $262.42 on Monday. The stock has a market capitalization of $71.93 billion, a PE ratio of 67.98, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock’s 50-day moving average price is $278.01 and its 200-day moving average price is $284.19.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CDNS shares. Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Bank of America cut their price objective 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. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price 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.