Ontario Teachers Pension Plan Board Sells 3,393 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ontario Teachers Pension Plan Board lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 23.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,856 shares of the software maker's stock after selling 3,393 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in Cadence Design Systems were worth $2,957,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its stake in shares of Cadence Design Systems by 135.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 661 shares of the software maker's stock worth $180,000 after acquiring an additional 380 shares in the last quarter. Dai ichi Life Insurance Company Ltd boosted its stake in shares of Cadence Design Systems by 10.8% during the 4th quarter. Dai ichi Life Insurance Company Ltd now owns 65,971 shares of the software maker's stock worth $17,969,000 after acquiring an additional 6,422 shares in the last quarter. Aigen Investment Management LP bought a new stake in shares of Cadence Design Systems during the 4th quarter worth about $1,215,000. CreativeOne Wealth LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter worth about $349,000. Finally, Quest Partners LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter worth about $1,162,000. Institutional investors own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now directly owns 136,455 shares of the company's stock, valued at approximately $41,468,674.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares of the company's stock, valued at $18,583,485. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares of the company's stock, valued at $41,468,674.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 109,298 shares of company stock worth $33,247,394. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded up $1.85 during midday trading on Thursday, hitting $294.69. 1,873,437 shares of the company were exchanged, compared to its average volume of 1,530,546. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The firm has a market cap of $80.19 billion, a P/E ratio of 76.74, a PEG ratio of 3.55 and a beta of 1.06. Cadence Design Systems, Inc. has a 52 week low of $203.13 and a 52 week high of $327.36. The firm has a 50 day simple moving average of $296.33 and a 200-day simple moving average of $286.78.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the company posted $1.02 EPS. The business's revenue for the quarter was down 1.2% compared to the same quarter last year. Research analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently issued reports on CDNS shares. Robert W. Baird upped their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an "outperform" rating in a research note on Thursday, April 18th. StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, May 2nd. Morgan Stanley raised Cadence Design Systems from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Wells Fargo & Company upped their price target 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, Rosenblatt Securities reaffirmed a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $326.11.

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.