Ardevora Asset Management LLP Sells 24,792 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ardevora Asset Management LLP reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 52.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,180 shares of the software maker's stock after selling 24,792 shares during the quarter. Ardevora Asset Management LLP's holdings in Cadence Design Systems were worth $6,041,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Cibc World Market Inc. lifted its holdings in Cadence Design Systems by 2.7% during the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker's stock worth $3,541,000 after purchasing an additional 571 shares during the last quarter. Prudential PLC acquired a new stake in Cadence Design Systems during the 1st quarter worth approximately $1,160,000. Loomis Sayles & Co. L P raised its holdings in Cadence Design Systems by 1,030.1% in the 1st quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker's stock valued at $457,000 after acquiring an additional 2,534 shares in the last quarter. Zions Bancorporation N.A. raised its holdings in Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker's stock valued at $37,000 after acquiring an additional 117 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in Cadence Design Systems by 26.8% in the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker's stock valued at $2,669,000 after acquiring an additional 3,433 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the business's stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Thomas P. Beckley sold 65,268 shares of the company's stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock worth $53,581,207 in the last 90 days. Insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

CDNS stock traded down $5.65 during midday trading on Friday, reaching $280.25. 2,021,408 shares of the stock were exchanged, compared to its average volume of 1,219,604. The stock has a market capitalization of $76.30 billion, a PE ratio of 73.36, a P/E/G ratio of 3.41 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $194.01 and a 52 week high of $327.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The company has a fifty day moving average price of $305.52 and a 200 day moving average price of $280.37.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. Cadence Design Systems's quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.75 EPS. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.81 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on CDNS. Robert W. Baird lifted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an "outperform" rating in a report on Thursday. Needham & Company LLC reaffirmed a "buy" rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Friday. StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Tuesday, April 16th. Wells Fargo & Company lifted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, April 16th. Finally, KeyCorp lifted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an "overweight" rating in a report on Monday, April 15th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $318.10.

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.