Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Bridgeway Capital Management LLC

Bridgeway Capital Management LLC trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,600 shares of the software maker’s stock after selling 140 shares during the period. Bridgeway Capital Management LLC’s holdings in Cadence Design Systems were worth $2,283,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Cadence Design Systems by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock worth $7,784,674,000 after buying an additional 201,340 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after purchasing an additional 404,076 shares during the period. FMR LLC raised its stake in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Cadence Design Systems by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock worth $1,806,019,000 after purchasing an additional 135,251 shares during the period. Finally, Alliancebernstein L.P. grew its position 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 buying an additional 632,175 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Piper Sandler upped their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Oppenheimer lowered their price target on 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. Loop Capital decreased their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 29th. Finally, Robert W. Baird raised their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $322.54.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Scannell sold 4,710 shares of the stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the transaction, the vice president now owns 28,442 shares in the company, valued at approximately $8,532,600. This represents a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,577 shares of company stock valued at $5,316,411 in the last quarter. Company insiders own 0.37% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $305.78 on Friday. The stock has a market cap of $83.49 billion, a PE ratio of 79.22, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month 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 business has a fifty day simple moving average of $264.34 and a 200-day simple moving average of $284.51.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.17 EPS. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal 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.