California Public Employees Retirement System Lowers Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

California Public Employees Retirement System cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 0.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 955,227 shares of the software maker's stock after selling 5,651 shares during the period. California Public Employees Retirement System owned about 0.35% of Cadence Design Systems worth $287,008,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CDNS. Norges Bank purchased a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $1,170,209,000. Schroder Investment Management Group lifted its position in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after buying an additional 716,041 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $171,991,000. Principal Financial Group Inc. raised its stake in Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock worth $547,886,000 after acquiring an additional 501,833 shares during the period. Finally, Manning & Napier Advisors LLC purchased a new position in Cadence Design Systems during the fourth quarter valued at approximately $148,594,000. Institutional investors own 84.85% of the company's stock.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the company's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company's stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now owns 58,123 shares of the company's stock, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 94,451 shares of company stock valued at $29,231,093. 1.99% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Mizuho raised their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Oppenheimer lowered their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Robert W. Baird decreased their target price on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research note on Thursday, February 20th. Finally, Redburn Atlantic initiated coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average price target of $324.83.

Cadence Design Systems Trading Down 6.1 %

NASDAQ:CDNS traded down $16.14 during midday trading on Thursday, hitting $248.80. 873,095 shares of the company traded hands, compared to its average volume of 1,882,072. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm's fifty day moving average is $271.35 and its 200-day moving average is $284.21. The firm has a market capitalization of $68.25 billion, a P/E ratio of 64.46, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.