New York State Common Retirement Fund Sells 26,725 Shares of Cadence Design Systems, Inc. $CDNS

New York State Common Retirement Fund lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 378,993 shares of the software maker’s stock after selling 26,725 shares during the quarter. New York State Common Retirement Fund owned approximately 0.14% of Cadence Design Systems worth $133,125,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Tiemann Investment Advisors LLC lifted its position in Cadence Design Systems by 2.9% during the 2nd quarter. Tiemann Investment Advisors LLC now owns 1,050 shares of the software maker’s stock valued at $324,000 after purchasing an additional 30 shares during the period. Occidental Asset Management LLC lifted its holdings in Cadence Design Systems by 2.3% in the third quarter. Occidental Asset Management LLC now owns 1,321 shares of the software maker’s stock valued at $464,000 after buying an additional 30 shares during the period. Whittier Trust Co. boosted its stake in Cadence Design Systems by 0.4% in the third quarter. Whittier Trust Co. now owns 7,072 shares of the software maker’s stock valued at $2,456,000 after acquiring an additional 30 shares during the last quarter. Petros Family Wealth LLC grew its holdings in Cadence Design Systems by 2.6% during the 2nd quarter. Petros Family Wealth LLC now owns 1,277 shares of the software maker’s stock worth $394,000 after acquiring an additional 32 shares during the period. Finally, Hemington Wealth Management raised its position in shares of Cadence Design Systems by 14.0% during the 2nd quarter. Hemington Wealth Management now owns 261 shares of the software maker’s stock valued at $80,000 after acquiring an additional 32 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $320.49 on Thursday. 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 52 week low of $221.56 and a 52 week high of $376.45. The company’s 50 day moving average price is $317.96 and its two-hundred day moving average price is $333.28. The company has a market capitalization of $87.24 billion, a P/E ratio of 82.60, a price-to-earnings-growth ratio of 3.55 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.14. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The firm’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.64 earnings per share. On average, analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 5,490 shares of Cadence Design Systems stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total value of $1,863,470.70. Following the sale, the vice president owned 20,321 shares of the company’s stock, valued at $6,897,557.03. This trade represents a 21.27% 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 20,000 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $340.00, for a total value of $6,800,000.00. Following the completion of the sale, the chief executive officer owned 195,844 shares in the company, valued at approximately $66,586,960. This trade represents a 9.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 62,025 shares of company stock worth $20,369,946. 0.37% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CDNS. Rosenblatt Securities raised 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. Citigroup initiated coverage on Cadence Design Systems in a report on Monday, November 24th. They set a “buy” rating and a $385.00 target price on the stock. Wells Fargo & Company boosted their target price on Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Oppenheimer upgraded shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target on the stock in a research report on Monday, December 1st. Finally, Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $379.59.

Cadence Design Systems Profile

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.