Louisiana State Employees Retirement System Sells 1,500 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Louisiana State Employees Retirement System trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 34,800 shares of the software maker's stock after selling 1,500 shares during the quarter. Louisiana State Employees Retirement System's holdings in Cadence Design Systems were worth $10,456,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Nisa Investment Advisors LLC boosted its holdings in Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock valued at $41,850,000 after acquiring an additional 79,268 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock valued at $258,136,000 after buying an additional 310,250 shares during the last quarter. Avanza Fonder AB acquired a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $6,046,000. Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $24,026,000. Finally, Zhang Financial LLC bought a new position in Cadence Design Systems during the fourth quarter worth $381,000. 84.85% of the stock is owned by institutional investors.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems 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 completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,416 shares of company stock worth $33,538,875. Insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded down $9.82 on Wednesday, reaching $294.05. The stock had a trading volume of 1,091,494 shares, compared to its average volume of 1,466,853. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $80.65 billion, a P/E ratio of 77.18, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The stock has a fifty day moving average price of $304.31 and a 200-day moving average price of $285.81.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target on the stock. Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a "buy" rating and a $360.00 target price on the stock. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Finally, Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and an average price target of $329.50.

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.