Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Position Increased by California Public Employees Retirement System

California Public Employees Retirement System grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 938,292 shares of the software maker’s stock after acquiring an additional 51,232 shares during the period. California Public Employees Retirement System’s holdings in Cadence Design Systems were worth $255,563,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems in the 3rd quarter worth approximately $26,000. Valley National Advisers Inc. increased its position in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $28,000. Rakuten Securities Inc. purchased a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $45,000. Finally, Catalyst Capital Advisors LLC increased its position in shares of Cadence Design Systems by 34.7% in the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after acquiring an additional 52 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded down $2.87 on Tuesday, hitting $282.15. The company’s stock had a trading volume of 1,853,822 shares, compared to its average volume of 1,516,967. The firm has a market cap of $76.81 billion, a P/E ratio of 74.61, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The company has a fifty day moving average price of $305.09 and a 200-day moving average price of $280.73. Cadence Design Systems, Inc. has a one year low of $194.01 and a one year high of $327.36.

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

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the firm’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the transaction, the director now directly owns 54,683 shares of the company’s stock, valued at $16,404,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other 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 sale, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the transaction, the director now directly owns 54,683 shares in the company, valued at $16,404,900. The disclosure for this sale can be found here. Insiders sold 177,544 shares of company stock valued at $53,581,207 in the last ninety days. 0.62% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CDNS shares. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Wells Fargo & Company boosted 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 note on Tuesday, April 16th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday. Finally, KeyCorp upped their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $316.50.

Cadence Design Systems Company 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.