Schonfeld Strategic Advisors LLC Sells 26,884 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Schonfeld Strategic Advisors LLC reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 97.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 690 shares of the software maker's stock after selling 26,884 shares during the quarter. Schonfeld Strategic Advisors LLC's holdings in Cadence Design Systems were worth $207,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CDNS. Vanguard Group Inc. lifted its holdings in shares of Cadence Design Systems by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after purchasing an additional 201,340 shares in the last quarter. Jennison Associates LLC lifted its stake in Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock valued at $2,406,760,000 after acquiring an additional 404,076 shares in the last quarter. FMR LLC lifted its stake in Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after acquiring an additional 639,146 shares in the last quarter. Geode Capital Management LLC lifted its stake in Cadence Design Systems by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock valued at $1,806,019,000 after acquiring an additional 135,251 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after acquiring an additional 632,175 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on CDNS. Mizuho boosted their target price on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Piper Sandler boosted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Rosenblatt Securities boosted their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. Finally, Bank of America upped their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $303.00, for a total value of $196,950.00. Following the transaction, the vice president now directly owns 108,149 shares of the company's stock, valued at $32,769,147. This represents a 0.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,577 shares of company stock valued at $5,316,411 in the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded up $2.79 during trading on Friday, reaching $321.56. 1,574,219 shares of the company's stock were exchanged, compared to its average volume of 1,973,130. 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 stock has a market capitalization of $87.80 billion, a PE ratio of 83.31, a PEG ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The firm's fifty day moving average price is $272.16 and its 200-day moving average price is $286.55.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm's revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.17 EPS. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS 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.