Cadence Design Systems, Inc. (NASDAQ:CDNS) Holdings Cut by Meeder Asset Management Inc.

Meeder Asset Management Inc. decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 37.6% during the 4th quarter, HoldingsChannel reports. The firm owned 126 shares of the software maker’s stock after selling 76 shares during the period. Meeder Asset Management Inc.’s holdings in Cadence Design Systems were worth $38,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the period. D.A. Davidson & CO. raised its holdings in shares of Cadence Design Systems by 17.1% during the third quarter. D.A. Davidson & CO. now owns 1,644 shares of the software maker’s stock valued at $446,000 after buying an additional 240 shares during the last quarter. Public Sector Pension Investment Board increased its position in Cadence Design Systems by 16.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 12,098 shares of the software maker’s stock valued at $3,279,000 after acquiring an additional 1,700 shares during the period. Bamco Inc. NY raised its stake in Cadence Design Systems by 95.7% during the 3rd quarter. Bamco Inc. NY now owns 33,615 shares of the software maker’s stock valued at $9,111,000 after acquiring an additional 16,435 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its stake in shares of Cadence Design Systems by 8,852.4% in the third quarter. Benjamin Edwards Inc. now owns 18,979 shares of the software maker’s stock worth $5,144,000 after purchasing an additional 18,767 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CDNS. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Oppenheimer reduced their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Finally, Robert W. Baird lowered their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $324.83.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the 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 completion of the sale, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The shares were 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 owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,021 shares of company stock valued at $31,229,155. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $258.79 on Wednesday. The firm has a 50-day moving average of $272.48 and a two-hundred day moving average of $284.34. The firm has a market capitalization of $70.99 billion, a PE ratio of 67.04, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted 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%. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

About Cadence Design Systems

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.