California Public Employees Retirement System Buys 51,232 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

California Public Employees Retirement System lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 938,292 shares of the software maker’s stock after buying an additional 51,232 shares during the quarter. California Public Employees Retirement System owned approximately 0.34% of Cadence Design Systems worth $255,563,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. RWA Wealth Partners LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $548,000. Duality Advisers LP bought a new position in Cadence Design Systems during the 4th quarter valued at about $1,964,000. Capital Investment Advisory Services LLC grew its holdings in Cadence Design Systems by 9.6% during the 4th quarter. Capital Investment Advisory Services LLC now owns 1,260 shares of the software maker’s stock valued at $343,000 after purchasing an additional 110 shares during the last quarter. Commerzbank Aktiengesellschaft FI bought a new position in Cadence Design Systems during the 4th quarter valued at about $389,000. Finally, Sigma Planning Corp grew its holdings in Cadence Design Systems by 411.0% during the 4th quarter. Sigma Planning Corp now owns 6,806 shares of the software maker’s stock valued at $1,854,000 after purchasing an additional 5,474 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the sale, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the transaction, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 177,544 shares of company stock worth $53,581,207. 0.62% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. KeyCorp upped their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Robert W. Baird upped their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Finally, Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $316.50.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded down $2.87 during midday trading on Tuesday, reaching $282.15. The company had a trading volume of 1,853,822 shares, compared to its average volume of 1,516,967. The stock has a market cap of $76.81 billion, a P/E ratio of 74.61, a P/E/G 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. The business’s 50-day simple moving average is $305.09 and its 200 day simple moving average is $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.

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

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.