Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $17.52 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,317 shares of the software maker's stock after selling 1,291 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Cadence Design Systems were worth $17,522,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. iA Global Asset Management Inc. boosted its position in Cadence Design Systems by 78.7% in the 4th quarter. iA Global Asset Management Inc. now owns 57,006 shares of the software maker's stock valued at $17,128,000 after buying an additional 25,108 shares during the last quarter. Teacher Retirement System of Texas grew its position in shares of Cadence Design Systems by 40.4% during the 4th quarter. Teacher Retirement System of Texas now owns 31,147 shares of the software maker's stock valued at $9,358,000 after buying an additional 8,965 shares during the last quarter. Royal London Asset Management Ltd. grew its holdings in shares of Cadence Design Systems by 5.2% during the fourth quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker's stock valued at $46,834,000 after purchasing an additional 7,766 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its position in Cadence Design Systems by 68.9% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 22,446 shares of the software maker's stock valued at $6,755,000 after purchasing an additional 9,154 shares during the period. Finally, Platinum Investment Management Ltd. increased its position in Cadence Design Systems by 42.9% in the fourth quarter. Platinum Investment Management Ltd. now owns 5,448 shares of the software maker's stock worth $1,637,000 after buying an additional 1,635 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

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Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CDNS shares. Mizuho boosted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Piper Sandler boosted their target price 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. Loop Capital dropped their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Oppenheimer reduced their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Finally, Rosenblatt Securities raised their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. One 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's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $324.83.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded up $1.96 during trading on Tuesday, hitting $269.11. The stock had a trading volume of 1,253,453 shares, compared to its average volume of 1,809,493. The business has a fifty day moving average of $277.50 and a two-hundred day moving average of $284.31. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The firm has a market cap of $73.77 billion, a P/E ratio of 69.72, a PEG ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

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

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company's stock, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the business's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is owned by insiders.

Cadence Design Systems 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.