State Treasurer State of Michigan reduced its holdings in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 2.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 82,800 shares of the software maker’s stock after selling 2,200 shares during the quarter. State Treasurer State of Michigan’s holdings in Cadence Design Systems were worth $3,463,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in shares of Cadence Design Systems by 6.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,130 shares of the software maker’s stock valued at $338,000 after purchasing an additional 612 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Cadence Design Systems by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,043,944 shares of the software maker’s stock valued at $34,962,000 after purchasing an additional 10,637 shares during the period. State Street Corp boosted its position in shares of Cadence Design Systems by 1.2% in the 2nd quarter. State Street Corp now owns 9,105,421 shares of the software maker’s stock valued at $304,935,000 after purchasing an additional 108,305 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Cadence Design Systems by 1.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 490,990 shares of the software maker’s stock valued at $16,444,000 after purchasing an additional 6,372 shares during the period. Finally, Nomura Holdings Inc. acquired a new stake in shares of Cadence Design Systems in the 2nd quarter valued at about $264,000. 85.00% of the stock is owned by institutional investors and hedge funds.

Shares of Cadence Design Systems Inc (CDNS) opened at $36.82 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.47 and a current ratio of 1.53. The company has a market capitalization of $10,890.63, a P/E ratio of 49.76, a price-to-earnings-growth ratio of 3.77 and a beta of 0.97. Cadence Design Systems Inc has a one year low of $29.29 and a one year high of $46.00.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Wednesday, January 31st. The software maker reported $0.39 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.39. The firm had revenue of $501.70 million during the quarter, compared to the consensus estimate of $496.20 million. Cadence Design Systems had a return on equity of 31.28% and a net margin of 10.50%. The firm’s revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.34 EPS. equities research analysts predict that Cadence Design Systems Inc will post 0.85 earnings per share for the current year.

A number of analysts recently issued reports on CDNS shares. DA Davidson upped their target price on Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. BidaskClub cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Friday, January 19th. Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, October 29th. Credit Suisse Group reissued a “neutral” rating and issued a $43.00 target price (up from $37.00) on shares of Cadence Design Systems in a research report on Thursday, February 1st. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $46.00 target price on shares of Cadence Design Systems in a research report on Friday, October 27th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $44.20.

In other Cadence Design Systems news, VP James J. Cowie sold 35,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 5th. The stock was sold at an average price of $42.75, for a total transaction of $1,496,250.00. Following the completion of the sale, the vice president now directly owns 117,082 shares of the company’s stock, valued at approximately $5,005,255.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $43.52, for a total value of $4,352,000.00. Following the sale, the chief executive officer now directly owns 533,333 shares of the company’s stock, valued at $23,210,652.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 289,031 shares of company stock valued at $12,747,759. 2.55% of the stock is owned by company insiders.

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Cadence Design Systems Profile

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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