Victory Capital Management Inc. Has $116.24 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Victory Capital Management Inc. lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 386,870 shares of the software maker’s stock after selling 21,785 shares during the period. Victory Capital Management Inc. owned 0.14% of Cadence Design Systems worth $116,239,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CDNS. Avior Wealth Management LLC boosted its holdings in Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after acquiring an additional 36 shares in the last quarter. Dudley Capital Management LLC boosted its holdings in Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after acquiring an additional 39 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings in Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after acquiring an additional 40 shares in the last quarter. Paragon Advisors LLC raised its stake in shares of Cadence Design Systems by 0.6% in the third quarter. Paragon Advisors LLC now owns 6,465 shares of the software maker’s stock worth $1,752,000 after purchasing an additional 41 shares during the last quarter. Finally, Empower Advisory Group LLC raised its stake in shares of Cadence Design Systems by 4.9% in the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after purchasing an additional 41 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was 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 directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,504,126 over the last ninety days. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $244.70 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The business has a fifty day simple moving average of $291.22 and a two-hundred day simple moving average of $285.98. Cadence Design Systems, Inc. has a 1 year low of $233.72 and a 1 year high of $328.99. The company has a market capitalization of $67.07 billion, a P/E ratio of 63.39, a P/E/G ratio of 3.88 and a beta of 1.03.

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

Wall Street Analysts Forecast Growth

CDNS has been the subject of several analyst reports. Bank of America lowered their price objective on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Piper Sandler increased their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Mizuho increased their price objective on 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 lowered their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems 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.