Retirement Systems of Alabama reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 32.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 360,449 shares of the software maker’s stock after selling 174,444 shares during the period. Retirement Systems of Alabama’s holdings in Cadence Design Systems were worth $12,071,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. JLB & Associates Inc. acquired a new position in Cadence Design Systems during the second quarter worth about $444,000. Sei Investments Co. increased its position in Cadence Design Systems by 11.2% in the second quarter. Sei Investments Co. now owns 112,988 shares of the software maker’s stock worth $3,784,000 after buying an additional 11,404 shares during the last quarter. Texas Permanent School Fund increased its position in Cadence Design Systems by 1.1% in the second quarter. Texas Permanent School Fund now owns 204,138 shares of the software maker’s stock worth $6,837,000 after buying an additional 2,307 shares during the last quarter. World Asset Management Inc increased its position in Cadence Design Systems by 3.2% in the second quarter. World Asset Management Inc now owns 20,369 shares of the software maker’s stock worth $682,000 after buying an additional 628 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its position in Cadence Design Systems by 66.3% in the second quarter. Daiwa Securities Group Inc. now owns 14,300 shares of the software maker’s stock worth $479,000 after buying an additional 5,700 shares during the last quarter. Institutional investors own 86.47% of the company’s stock.

Shares of Cadence Design Systems, Inc. (CDNS) opened at 36.56 on Thursday. The company has a market capitalization of $10.24 billion, a P/E ratio of 42.51 and a beta of 0.94. The company has a 50-day moving average of $35.06 and a 200 day moving average of $32.56. Cadence Design Systems, Inc. has a 12 month low of $24.03 and a 12 month high of $37.51.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.02. The firm had revenue of $479 million for the quarter, compared to analyst estimates of $476.21 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.29 EPS. Analysts forecast that Cadence Design Systems, Inc. will post $1.39 EPS for the current year.

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A number of research analysts have recently issued reports on the stock. BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 1st. Zacks Investment Research downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Bank of America Corporation raised their price target on shares of Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. Royal Bank Of Canada raised their price target on shares of Cadence Design Systems from $36.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 25th. Finally, DA Davidson downgraded shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $33.67.

In other news, insider Aneel Zaman sold 29,406 shares of the business’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $32.62, for a total value of $959,223.72. Following the sale, the insider now owns 247,495 shares in the company, valued at approximately $8,073,286.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James J. Cowie sold 55,000 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $33.28, for a total transaction of $1,830,400.00. Following the completion of the sale, the vice president now owns 137,332 shares in the company, valued at approximately $4,570,408.96. The disclosure for this sale can be found here. Insiders sold a total of 434,656 shares of company stock worth $14,786,334 in the last 90 days. 2.55% of the stock is owned by corporate insiders.

About Cadence Design Systems

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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