Martin Currie Ltd. Sells 22,124 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Martin Currie Ltd. cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 208,588 shares of the software maker’s stock after selling 22,124 shares during the period. Cadence Design Systems comprises approximately 2.3% of Martin Currie Ltd.’s portfolio, making the stock its 16th largest holding. Martin Currie Ltd.’s holdings in Cadence Design Systems were worth $62,672,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Schroder Investment Management Group boosted its holdings in 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 valued at $623,105,000 after acquiring an additional 716,041 shares during the period. Allianz SE bought a new stake in Cadence Design Systems in the fourth quarter valued at approximately $217,000. Allstate Corp purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $2,437,000. Brown Brothers Harriman & Co. grew its holdings in shares of Cadence Design Systems by 4.9% in the fourth quarter. Brown Brothers Harriman & Co. now owns 241,523 shares of the software maker’s stock worth $72,568,000 after purchasing an additional 11,174 shares during the last quarter. Finally, RiverFront Investment Group LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth $313,000. 84.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CDNS shares. Oppenheimer decreased their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Robert W. Baird lowered their price target on 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. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Piper Sandler upped their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Cadence Design Systems Stock Down 2.2 %

NASDAQ:CDNS opened at $256.69 on Friday. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. The company has a market capitalization of $70.36 billion, a PE ratio of 66.50, a P/E/G ratio of 3.88 and a beta of 1.05. The firm’s 50-day moving average price is $274.55 and its 200-day moving average price is $284.39. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity

In related news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on 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 transaction, the vice president now directly owns 59,311 shares in the company, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,021 shares of company stock worth $31,229,155 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

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.