Maryland State Retirement & Pension System Sells 1,112 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Maryland State Retirement & Pension System lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,606 shares of the software maker’s stock after selling 1,112 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Cadence Design Systems were worth $4,389,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Avalon Trust Co bought a new position in shares of Cadence Design Systems in the 4th quarter valued at $39,000. Versant Capital Management Inc boosted its holdings in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares in the last quarter. OFI Invest Asset Management bought a new stake in Cadence Design Systems during the 4th quarter worth $46,000. Finally, Prestige Wealth Management Group LLC increased its holdings in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Robert W. Baird reduced their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Loop Capital dropped their price target 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. Rosenblatt Securities increased their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $324.83.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $258.70 on Thursday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The firm has a 50 day moving average of $279.62 and a 200-day moving average of $284.01. The company has a market cap of $70.91 billion, a price-to-earnings ratio of 67.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion during 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%. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.