California Public Employees Retirement System Sells 5,651 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

California Public Employees Retirement System decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 955,227 shares of the software maker’s stock after selling 5,651 shares during the period. California Public Employees Retirement System’s holdings in Cadence Design Systems were worth $287,008,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Schroder Investment Management Group grew its holdings in Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock worth $623,105,000 after acquiring an additional 716,041 shares during the last quarter. Allianz SE bought a new stake in shares of Cadence Design Systems in the fourth quarter worth about $217,000. Allstate Corp purchased a new position in Cadence Design Systems during the 4th quarter valued at about $2,437,000. Brown Brothers Harriman & Co. raised its position in Cadence Design Systems by 4.9% during the 4th quarter. Brown Brothers Harriman & Co. now owns 241,523 shares of the software maker’s stock valued at $72,568,000 after purchasing an additional 11,174 shares during the last quarter. Finally, RiverFront Investment Group LLC purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $313,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $256.69 on Friday. The stock’s 50 day moving average is $274.55 and its 200 day moving average is $284.39. The company has a market capitalization of $70.36 billion, a P/E ratio of 66.50, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent analyst reports. Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Oppenheimer decreased their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. Robert W. Baird cut their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Finally, Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $324.83.

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.