Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Korea Investment CORP

Korea Investment CORP decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 36.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 171,110 shares of the software maker’s stock after selling 97,375 shares during the quarter. Korea Investment CORP owned about 0.06% of Cadence Design Systems worth $51,412,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CDNS. Principal Financial Group Inc. raised its holdings in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after buying an additional 501,833 shares during the period. Cerity Partners LLC raised its stake in shares of Cadence Design Systems by 27.9% during the third quarter. Cerity Partners LLC now owns 15,225 shares of the software maker’s stock valued at $4,126,000 after purchasing an additional 3,320 shares during the period. Larson Financial Group LLC lifted its holdings in Cadence Design Systems by 150.0% in the 3rd quarter. Larson Financial Group LLC now owns 500 shares of the software maker’s stock worth $136,000 after buying an additional 300 shares in the last quarter. Private Trust Co. NA boosted its position in Cadence Design Systems by 16.2% in the 3rd quarter. Private Trust Co. NA now owns 733 shares of the software maker’s stock valued at $199,000 after buying an additional 102 shares during the last quarter. Finally, D.A. Davidson & CO. grew its stake in shares of Cadence Design Systems by 17.1% during the third quarter. D.A. Davidson & CO. now owns 1,644 shares of the software maker’s stock valued at $446,000 after acquiring an additional 240 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,021 shares of company stock worth $31,229,155. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 0.3 %

NASDAQ:CDNS opened at $262.54 on Friday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a 50 day moving average of $275.52 and a 200-day moving average of $284.16. The firm has a market capitalization of $71.96 billion, a PE ratio of 68.02, 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.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share 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 company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on CDNS shares. Oppenheimer reduced their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. Bank of America decreased their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Finally, Loop Capital cut their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $324.83.

Cadence Design Systems 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.