Arizona State Retirement System Buys 868 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Arizona State Retirement System increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 78,886 shares of the software maker’s stock after buying an additional 868 shares during the period. Arizona State Retirement System’s holdings in Cadence Design Systems were worth $23,702,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. State Street Corp boosted its holdings in shares of Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after buying an additional 60,490 shares during the period. Jennison Associates LLC boosted its holdings in shares of Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after buying an additional 404,076 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cadence Design Systems by 0.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after buying an additional 37,452 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Cadence Design Systems by 6.5% during the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock worth $885,356,000 after buying an additional 178,212 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in shares of Cadence Design Systems by 3.6% during the 3rd quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker’s stock worth $608,373,000 after buying an additional 77,246 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 1.4 %

Shares of Cadence Design Systems stock opened at $244.70 on Thursday. The firm has a market capitalization of $67.07 billion, a PE ratio of 63.39, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm’s 50 day moving average is $291.22 and its 200 day moving average is $285.98. Cadence Design Systems, Inc. has a 1 year low of $233.72 and a 1 year high of $328.99.

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

Insider Activity at Cadence Design Systems

In other news, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the sale, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. This represents a 12.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock valued at $33,504,126. 1.99% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have weighed in on CDNS. Rosenblatt Securities lifted their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Piper Sandler lifted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Loop Capital dropped their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems 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.