California Public Employees Retirement System Has $287.01 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

California Public Employees Retirement System decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 0.6% during the 4th quarter, according to the company in its most recent 13F 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 0.35% of Cadence Design Systems worth $287,008,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $28,000. Avalon Trust Co bought a new stake in Cadence Design Systems during the 4th quarter valued at $39,000. Versant Capital Management Inc raised its stake in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after acquiring an additional 87 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems in the fourth quarter worth $46,000. Finally, Prestige Wealth Management Group LLC increased its holdings in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after purchasing an additional 60 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Trading Up 1.8 %

Shares of CDNS stock traded up $4.46 during trading hours on Tuesday, reaching $258.79. 1,421,095 shares of the stock traded hands, compared to its average volume of 1,879,429. The business has a fifty day moving average price of $273.52 and a 200 day moving average price of $284.41. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $70.99 billion, a PE ratio of 67.04, a PEG ratio of 3.88 and a beta of 1.05.

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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 analysts' consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. The trade was a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Anirudh Devgan sold 93,151 shares of the 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 sale, the chief executive officer now owns 55,874 shares of the company's stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock valued at $31,229,155 in the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of recent analyst reports. Loop Capital decreased their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Piper Sandler raised their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Rosenblatt Securities upped their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Finally, StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $324.83.

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.