New York State Teachers Retirement System Sells 19,193 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

New York State Teachers Retirement System decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 240,861 shares of the software maker’s stock after selling 19,193 shares during the quarter. New York State Teachers Retirement System’s holdings in Cadence Design Systems were worth $65,281,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CDNS. Swedbank AB bought a new position in shares of Cadence Design Systems in the first quarter worth about $439,988,000. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 280.1% in the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after acquiring an additional 1,119,824 shares during the last quarter. Meridiem Investment Management Ltd. bought a new position in shares of Cadence Design Systems in the third quarter worth about $129,285,000. BNP Paribas Financial Markets lifted its holdings in shares of Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after acquiring an additional 459,603 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the sale, the vice president now owns 64,544 shares of the company’s stock, valued at $17,226,148.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the transaction, the director now owns 45,051 shares in the company, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,697 shares of company stock valued at $7,555,216 in the last quarter. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $290.00 on Thursday. The company has a market capitalization of $79.00 billion, a PE ratio of 75.52, a P/E/G ratio of 3.03 and a beta of 1.02. The company has a 50 day simple moving average of $267.01 and a two-hundred day simple moving average of $282.04. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a fifty-two week low of $233.51 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 EPS. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CDNS. Needham & Company LLC lowered their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday. Robert W. Baird upped their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday. Mizuho assumed coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. Finally, Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $323.17.

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.