USS Investment Management Ltd Sells 963 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

USS Investment Management Ltd trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 0.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 387,939 shares of the software maker's stock after selling 963 shares during the period. Cadence Design Systems accounts for 0.8% of USS Investment Management Ltd's portfolio, making the stock its 28th largest holding. USS Investment Management Ltd owned approximately 0.14% of Cadence Design Systems worth $116,626,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CDNS. Principal Financial Group Inc. raised its holdings in shares of Cadence Design Systems by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock valued at $672,300,000 after purchasing an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. raised its stake in shares of Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock worth $1,589,000 after acquiring an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. raised its stake in shares of Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock worth $235,625,000 after acquiring an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock worth $41,850,000 after purchasing an additional 79,268 shares during the last quarter. Finally, Citizens Financial Group Inc. RI grew its position in Cadence Design Systems by 80.6% during the 4th 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 last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction 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 owns 23,996 shares in the company, valued at $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 transaction of $164,216.00. Following the sale, the vice president now owns 108,799 shares in the company, valued at $27,486,979.36. This represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,445 shares of company stock valued at $5,594,127. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Down 0.4%

NASDAQ CDNS traded down $1.12 during trading on Friday, reaching $315.51. The company's stock had a trading volume of 1,010,529 shares, compared to its average volume of 1,981,339. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The stock has a market capitalization of $86.15 billion, a PE ratio of 81.74, a PEG ratio of 3.88 and a beta of 1.04. 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 business has a 50-day moving average price of $279.22 and a 200-day moving average price of $287.60.

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 analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the firm posted $1.17 earnings per share. The company's quarterly revenue was up 23.1% compared to the same quarter last year. On average, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on CDNS. Bank of America upped their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Mizuho raised their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Robert W. Baird raised their target price 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. Finally, KeyCorp raised their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Company 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.