Allspring Global Investments Holdings LLC Lowers Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Allspring Global Investments Holdings LLC reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 23.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 607,278 shares of the software maker's stock after selling 185,088 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.22% of Cadence Design Systems worth $157,157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Park Square Financial Group LLC bought a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $348,000. Citizens Financial Group Inc. RI boosted its position in shares of Cadence Design Systems by 80.6% in the fourth quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker's stock worth $2,421,000 after purchasing an additional 3,595 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Cadence Design Systems by 4.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker's stock worth $62,935,000 after purchasing an additional 8,570 shares during the period. Royal London Asset Management Ltd. boosted its position in shares of Cadence Design Systems by 5.2% in the fourth quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker's stock worth $46,834,000 after purchasing an additional 7,766 shares during the period. Finally, Jensen Investment Management Inc. bought a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $126,571,000. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CDNS shares. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. Bank of America upped their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. KeyCorp upped their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Mizuho upped their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average target price of $325.23.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now owns 7,411 shares in the company, valued at $2,038,025. This trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the sale, the vice president now owns 108,799 shares of the company's stock, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,625 shares of company stock valued at $5,972,453. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded up $1.51 during mid-day trading on Friday, reaching $305.20. 2,331,038 shares of the company's stock traded hands, compared to its average volume of 2,023,395. The company has a market cap of $83.33 billion, a price-to-earnings ratio of 77.27, a PEG ratio of 4.23 and a beta of 0.98. The stock has a 50 day moving average of $300.72 and a two-hundred day moving average of $286.50. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $326.19.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. Cadence Design Systems's revenue was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.17 earnings per share. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.