BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Lowers Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 23.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 52,433 shares of the software maker's stock after selling 15,708 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Cadence Design Systems were worth $15,754,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Wealthcare Advisory Partners LLC grew its position in Cadence Design Systems by 25.0% during the fourth quarter. Wealthcare Advisory Partners LLC now owns 1,000 shares of the software maker's stock valued at $300,000 after buying an additional 200 shares during the period. Merit Financial Group LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at $667,000. UMB Bank n.a. raised its holdings in Cadence Design Systems by 42.4% in the 4th quarter. UMB Bank n.a. now owns 846 shares of the software maker's stock worth $254,000 after purchasing an additional 252 shares during the period. Koshinski Asset Management Inc. purchased a new position in Cadence Design Systems during the fourth quarter valued at $202,000. Finally, Ballentine Partners LLC grew its holdings in Cadence Design Systems by 24.1% during the fourth quarter. Ballentine Partners LLC now owns 2,918 shares of the software maker's stock valued at $877,000 after purchasing an additional 567 shares during the period. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded up $6.11 during trading on Tuesday, hitting $321.62. 383,816 shares of the company's stock traded hands, compared to its average volume of 1,975,075. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The company has a market cap of $87.81 billion, a PE ratio of 83.37, a PEG ratio of 3.88 and a beta of 1.04. The firm's fifty day moving average price is $280.36 and its 200 day moving average price is $287.60. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Cadence Design Systems's revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.17 earnings per share. Analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer now directly owns 209,548 shares of the company's stock, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James D. Plummer sold 868 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director now directly owns 23,996 shares of the company's stock, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,445 shares of company stock worth $5,594,127. 1.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, May 13th. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Rosenblatt Securities lifted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. Loop Capital cut their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Finally, Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

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.