IQ EQ FUND MANAGEMENT IRELAND Ltd Sells 41 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

IQ EQ FUND MANAGEMENT IRELAND Ltd lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 2,625 shares of the software maker’s stock after selling 41 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Cadence Design Systems were worth $789,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in Cadence Design Systems in the fourth quarter worth $171,991,000. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares during the period. Manning & Napier Advisors LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $148,594,000. Proficio Capital Partners LLC bought a new stake in Cadence Design Systems in the fourth quarter valued at about $129,546,000. Finally, Jensen Investment Management Inc. acquired a new position in Cadence Design Systems in the fourth quarter worth about $126,571,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 0.3 %

Shares of NASDAQ CDNS opened at $262.54 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 50-day moving average of $275.52 and a two-hundred day moving average of $284.16. The company has a market cap of $71.96 billion, a PE ratio of 68.02, 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 (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CDNS. Robert W. Baird decreased their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Piper Sandler boosted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company 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. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Finally, Bank of America dropped their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the transaction, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. This represents a 1.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on 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 sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents 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 valued at $31,229,155 over the last 90 days. 1.99% of the stock is owned by company insiders.

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.