New Mexico Educational Retirement Board Has $5.01 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

New Mexico Educational Retirement Board grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,100 shares of the software maker’s stock after buying an additional 1,900 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Cadence Design Systems were worth $5,012,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Lazard Asset Management LLC boosted its holdings in shares of Cadence Design Systems by 81.7% during the third quarter. Lazard Asset Management LLC now owns 188,085 shares of the software maker’s stock worth $44,068,000 after purchasing an additional 84,593 shares during the period. Truist Financial Corp raised its position in Cadence Design Systems by 17.7% during the third quarter. Truist Financial Corp now owns 267,651 shares of the software maker’s stock valued at $62,711,000 after acquiring an additional 40,336 shares in the last quarter. Wahed Invest LLC raised its position in Cadence Design Systems by 12.0% during the third quarter. Wahed Invest LLC now owns 4,377 shares of the software maker’s stock valued at $1,026,000 after acquiring an additional 469 shares in the last quarter. Shelton Capital Management raised its position in Cadence Design Systems by 19.4% during the third quarter. Shelton Capital Management now owns 40,387 shares of the software maker’s stock valued at $9,463,000 after acquiring an additional 6,572 shares in the last quarter. Finally, Axxcess Wealth Management LLC bought a new position in Cadence Design Systems during the third quarter valued at approximately $2,015,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CDNS shares. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, May 17th. Bank of America lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $332.78.

Insider Activity

In other news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $310,460.00. Following the sale, the vice president now owns 68,144 shares in the company, valued at approximately $21,155,986.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $310,460.00. Following the sale, the vice president now directly owns 68,144 shares of the company’s stock, valued at $21,155,986.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,134 shares of company stock worth $12,232,169. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

CDNS traded down $0.17 during trading on Friday, reaching $307.75. 2,312,595 shares of the company’s stock were exchanged, compared to its average volume of 1,602,099. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The business has a 50 day moving average price of $294.50 and a 200 day moving average price of $293.83. The company has a market capitalization of $83.84 billion, a P/E ratio of 80.14, a PEG ratio of 3.77 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the company earned $1.02 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

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.