State of New Jersey Common Pension Fund D Grows Position in Cadence Design Systems, Inc. $CDNS

State of New Jersey Common Pension Fund D grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 95,422 shares of the software maker’s stock after buying an additional 3,662 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Cadence Design Systems were worth $33,518,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CDNS. Strategic Wealth Investment Group LLC acquired a new position in shares of Cadence Design Systems in the 2nd quarter valued at $32,000. Promus Capital LLC acquired a new position in shares of Cadence Design Systems in the second quarter valued at about $33,000. Robbins Farley purchased a new position in shares of Cadence Design Systems in the third quarter worth about $35,000. Cloud Capital Management LLC purchased a new position in shares of Cadence Design Systems in the third quarter worth about $35,000. Finally, Heartwood Wealth Advisors LLC acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $39,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on CDNS. Oppenheimer raised shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target for the company in a research report on Monday, December 1st. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Weiss Ratings restated a “hold (c)” rating on shares of Cadence Design Systems in a research report on Monday, December 29th. Rosenblatt Securities increased their price target on Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Finally, Citigroup assumed coverage on Cadence Design Systems in a research note on Monday, November 24th. They set a “buy” rating and a $385.00 price objective for the company. Thirteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $379.59.

Insider Buying and Selling

In other news, CFO John M. Wall sold 27,805 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $318.57, for a total value of $8,857,838.85. Following the completion of the sale, the chief financial officer directly owned 69,957 shares in the company, valued at $22,286,201.49. The trade was a 28.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $295.09, for a total value of $295,090.00. Following the transaction, the vice president owned 95,137 shares in the company, valued at $28,073,977.33. This trade represents a 1.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 56,475 shares of company stock worth $18,505,486 in the last ninety days. 0.37% of the stock is owned by corporate insiders.

Cadence Design Systems Trading Up 3.9%

Shares of Cadence Design Systems stock opened at $299.46 on Monday. The firm has a 50-day simple moving average of $311.67 and a two-hundred day simple moving average of $329.86. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The company has a market cap of $81.51 billion, a P/E ratio of 77.18, a price-to-earnings-growth ratio of 3.33 and a beta of 1.01.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.