Meeder Asset Management Inc. Reduces Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Meeder Asset Management Inc. trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 37.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 126 shares of the software maker’s stock after selling 76 shares during the quarter. Meeder Asset Management Inc.’s holdings in Cadence Design Systems were worth $38,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CDNS. Wellington Management Group LLP increased its holdings in Cadence Design Systems by 12.3% during the 4th quarter. Wellington Management Group LLP now owns 403,682 shares of the software maker’s stock valued at $121,290,000 after acquiring an additional 44,061 shares in the last quarter. O Shaughnessy Asset Management LLC grew its position in shares of Cadence Design Systems by 0.8% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 33,971 shares of the software maker’s stock valued at $10,207,000 after purchasing an additional 253 shares during the last quarter. Schroder Investment Management Group increased its stake in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock worth $623,105,000 after purchasing an additional 716,041 shares in the last quarter. Allianz SE purchased a new stake in Cadence Design Systems in the 4th quarter valued at approximately $217,000. Finally, Allstate Corp acquired a new stake in Cadence Design Systems during the 4th quarter valued at $2,437,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock worth $31,229,155 in the last three months. 1.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Piper Sandler upped their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Mizuho raised their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Robert W. Baird cut their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective on the stock. Finally, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Trading Up 1.8 %

CDNS opened at $258.79 on Wednesday. The firm’s 50 day moving average is $272.48 and its 200-day moving average is $284.34. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week 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 $70.99 billion, a P/E ratio of 67.04, a P/E/G ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal 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.