Corebridge Financial Inc. Sells 2,249 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Corebridge Financial Inc. cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Avior Wealth Management LLC raised its position in Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after purchasing an additional 36 shares during the period. Lindbrook Capital LLC increased its position in shares of Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock valued at $670,000 after purchasing an additional 38 shares during the last quarter. Empower Advisory Group LLC raised its holdings in Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after buying an additional 41 shares during the period. Marcum Wealth LLC lifted its position in Cadence Design Systems by 4.1% in the fourth quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock worth $337,000 after buying an additional 44 shares during the last quarter. Finally, CX Institutional boosted its stake in Cadence Design Systems by 2.6% during the fourth quarter. CX Institutional now owns 1,791 shares of the software maker’s stock worth $538,000 after buying an additional 46 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

CDNS opened at $262.42 on Monday. The company has a market capitalization of $71.93 billion, a price-to-earnings ratio of 67.98, a PEG ratio of 3.88 and a beta of 1.05. 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 $230.09 and a 12-month high of $328.99. The business’s fifty day simple moving average is $278.01 and its 200-day simple moving average is $284.19.

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). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CDNS shares. Bank of America reduced their target price 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. Piper Sandler increased their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Robert W. Baird dropped their price objective 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction 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 transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the sale, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock valued at $31,229,155 over the last ninety days. 1.99% of the stock is owned by company insiders.

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.