New York State Common Retirement Fund Increases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

New York State Common Retirement Fund boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 468,797 shares of the software maker’s stock after buying an additional 46,703 shares during the period. New York State Common Retirement Fund owned 0.17% of Cadence Design Systems worth $140,855,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Kestra Investment Management LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $100,000. Venturi Wealth Management LLC increased its holdings in shares of Cadence Design Systems by 21.8% during the 4th quarter. Venturi Wealth Management LLC now owns 1,000 shares of the software maker’s stock worth $300,000 after buying an additional 179 shares during the last quarter. D.A. Davidson & CO. increased its holdings in shares of Cadence Design Systems by 77.3% during the 4th quarter. D.A. Davidson & CO. now owns 2,915 shares of the software maker’s stock worth $876,000 after buying an additional 1,271 shares during the last quarter. Empower Advisory Group LLC raised its position in shares of Cadence Design Systems by 4.9% in the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after buying an additional 41 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in Cadence Design Systems by 3.7% in the fourth quarter. CIBC Asset Management Inc now owns 88,075 shares of the software maker’s stock valued at $26,463,000 after acquiring an additional 3,165 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 1.8 %

NASDAQ CDNS opened at $300.43 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company’s fifty day moving average price is $303.01 and its two-hundred day moving average price is $286.80. The company has a market capitalization of $82.40 billion, a price-to-earnings ratio of 78.85, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the topic of a number of research reports. Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. Loop Capital started coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Finally, Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.08.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is currently owned by 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.