Man Group plc Sells 174,538 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Man Group plc lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 64.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 94,211 shares of the software maker's stock after selling 174,538 shares during the quarter. Man Group plc's holdings in Cadence Design Systems were worth $28,307,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CDNS. Principal Financial Group Inc. boosted its position in shares of Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock worth $672,300,000 after purchasing an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. grew its holdings 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 purchasing an additional 1,766 shares during the period. Meridiem Investment Management Ltd. boosted its holdings in Cadence Design Systems by 64.3% in 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 during the period. Nisa Investment Advisors LLC increased its stake in shares of Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock worth $41,850,000 after buying an additional 79,268 shares during the last quarter. Finally, Avanza Fonder AB acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $6,046,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares of the company's stock, valued at approximately $14,689,425.79. This trade represents a 1.11% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,577 shares of company stock worth $5,316,411. 1.99% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CDNS has been the subject of several recent analyst reports. StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Robert W. Baird upped their target price on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Oppenheimer lowered their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a report on Wednesday, March 19th. Mizuho increased their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Finally, 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Trading Down 0.4%

Cadence Design Systems stock traded down $1.26 during trading hours on Monday, reaching $320.30. 1,509,438 shares of the company's stock were exchanged, compared to its average volume of 1,975,588. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $87.46 billion, a PE ratio of 82.98, a PEG ratio of 3.88 and a beta of 1.04. The firm's 50 day simple moving average is $272.16 and its 200 day simple moving average is $286.60.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share 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 firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the previous year, the company earned $1.17 earnings per share. The company's quarterly revenue was up 23.1% on a year-over-year basis. Research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.