New York State Common Retirement Fund Has $126.39 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

New York State Common Retirement Fund decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 464,045 shares of the software maker’s stock after selling 36,996 shares during the quarter. New York State Common Retirement Fund owned approximately 0.17% of Cadence Design Systems worth $126,392,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CDNS. IFP Advisors Inc grew its holdings in shares of Cadence Design Systems by 11.1% during the third quarter. IFP Advisors Inc now owns 1,863 shares of the software maker’s stock worth $436,000 after purchasing an additional 186 shares during the last quarter. Global Retirement Partners LLC increased its holdings in Cadence Design Systems by 12.1% in the third quarter. Global Retirement Partners LLC now owns 2,417 shares of the software maker’s stock valued at $568,000 after purchasing an additional 261 shares during the period. HB Wealth Management LLC raised its position in Cadence Design Systems by 50.9% during the 3rd quarter. HB Wealth Management LLC now owns 2,596 shares of the software maker’s stock worth $608,000 after purchasing an additional 876 shares during the last quarter. Capital Investment Advisors LLC grew its position in shares of Cadence Design Systems by 53.9% in the 3rd quarter. Capital Investment Advisors LLC now owns 2,071 shares of the software maker’s stock valued at $485,000 after buying an additional 725 shares during the last quarter. Finally, Financial Enhancement Group LLC acquired a new stake in shares of Cadence Design Systems in the third quarter valued at about $812,000. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the transaction, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 177,544 shares of company stock worth $53,581,207. 0.62% of the stock is owned by company insiders.

Cadence Design Systems Stock Down 1.9 %

CDNS traded down $5.47 during mid-day trading on Tuesday, reaching $279.55. 2,466,619 shares of the stock were exchanged, compared to its average volume of 1,527,290. The company has a 50 day moving average price of $305.09 and a two-hundred day moving average price of $280.73. The stock has a market capitalization of $76.10 billion, a PE ratio of 74.61, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the company earned $1.02 earnings per share. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 4.81 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Piper Sandler lowered their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday. Stifel Nicolaus increased their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Finally, Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $316.50.

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.