Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 464,045 shares of the software maker’s stock after selling 36,996 shares during the period. New York State Common Retirement Fund’s holdings in Cadence Design Systems were worth $126,392,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. California Public Employees Retirement System lifted its stake in shares of Cadence Design Systems by 5.8% during the fourth quarter. California Public Employees Retirement System now owns 938,292 shares of the software maker’s stock worth $255,563,000 after purchasing an additional 51,232 shares in the last quarter. RWA Wealth Partners LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $548,000. Duality Advisers LP bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $1,964,000. Capital Investment Advisory Services LLC increased its holdings in shares of Cadence Design Systems by 9.6% in the 4th quarter. Capital Investment Advisory Services LLC now owns 1,260 shares of the software maker’s stock worth $343,000 after acquiring an additional 110 shares during the period. Finally, Commerzbank Aktiengesellschaft FI bought a new position in Cadence Design Systems during the 4th quarter valued at $389,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 177,544 shares of company stock valued at $53,581,207. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Down 1.9 %

NASDAQ:CDNS traded down $5.47 on Tuesday, hitting $279.55. 2,466,619 shares of the company’s stock traded hands, compared to its average volume of 1,527,290. The firm has a 50-day moving average price of $305.09 and a 200-day moving average price of $280.73. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The company has a market cap of $76.10 billion, a PE ratio of 74.61, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the business earned $1.02 EPS. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. Equities analysts anticipate that Cadence Design Systems, Inc. will post 4.81 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, April 16th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Stifel Nicolaus boosted their target price on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Finally, Piper Sandler dropped their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and seven have given 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 $316.50.

Cadence Design Systems Company 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.