Rhumbline Advisers Trims Stake in Cadence Design Systems (CDNS)

Rhumbline Advisers reduced its stake in Cadence Design Systems (NASDAQ:CDNS) by 1.6% during the third quarter. The institutional investor now holds 515,817 shares of CDNS, valued at $181.2 million. This adjustment comes amidst significant institutional interest, with 84.85% of Cadence Design Systems stock owned by institutional investors. Analysts maintain a "Moderate Buy" rating for CDNS, setting an average price target of $379.59, suggesting continued confidence in the stock's potential. However, recent activity shows company insiders, including the CFO and CEO, have been net sellers of shares. Despite the minor reduction by Rhumbline and insider selling, the high institutional ownership and positive analyst outlook present a mixed picture for investors.