Erste Asset Management reduced its stake in Cadence Design Systems by 59.1%, amid a wave of insider selling by CEO Anirudh Devgan and Director Ita Brennan. Conversely, firms like Xponance LLC and Fieldview Capital Management increased their holdings in the company during the same period. Despite the divestment by some institutional holders, analysts maintain a 'Moderate Buy' rating on the stock with an average price target of $386.59. Additionally, Xponance raised its investment in IBM, while Fieldview Capital significantly reduced its position in Ross Stores.
The asset manager increased its CDNS stake to $2.25 million while slashing its position in Ross Stores by nearly half during the fourth quarter.
Read the full storyXponance LLC expanded its tech holdings in IBM and CDNS, even as Cadence Design Systems faced minor insider selling by a company director.
Erste Asset Management liquidated over 10,000 shares of the tech firm, as CEO Anirudh Devgan and other insiders also offloaded positions.