Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 120,356 shares of the software maker’s stock after selling 13,255 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Cadence Design Systems were worth $36,162,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of CDNS. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter worth about $28,000. Ancora Advisors LLC increased its stake in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after acquiring an additional 112 shares during the period. Avalon Trust Co bought a new stake in Cadence Design Systems during the fourth quarter worth approximately $39,000. OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the fourth quarter worth approximately $46,000. Finally, Synergy Investment Management LLC bought a new position in Cadence Design Systems during the 4th quarter valued at $50,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $315.51 on Friday. The company has a 50-day moving average of $279.22 and a two-hundred day moving average of $287.66. The stock has a market cap of $86.15 billion, a price-to-earnings ratio of 81.74, a PEG ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the business posted $1.17 EPS. The company’s revenue was up 23.1% on a year-over-year basis. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the transaction, the director now directly owns 7,411 shares in the company, valued at $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,445 shares of company stock valued at $5,594,127 over the last quarter. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of research reports. Loop Capital dropped their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. KeyCorp raised their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Finally, Needham & Company LLC reissued a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday, May 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $325.23.

About Cadence Design Systems

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.