New York State Teachers Retirement System Decreases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

New York State Teachers Retirement System cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 7.4% in the third quarter, according to the company in 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 period. New York State Teachers Retirement System owned approximately 0.09% of Cadence Design Systems worth $65,281,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. RiverPark Advisors LLC bought a new position in Cadence Design Systems during the first quarter worth about $26,000. ORG Partners LLC raised its holdings in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker's stock worth $28,000 after acquiring an additional 82 shares during the period. Hollencrest Capital Management increased its holdings in Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker's stock worth $37,000 after purchasing an additional 102 shares in the last quarter. Chilton Capital Management LLC raised its stake in shares of Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker's stock valued at $53,000 after purchasing an additional 122 shares during the period. Finally, Larson Financial Group LLC boosted its position in shares of Cadence Design Systems by 159.7% during the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker's stock worth $62,000 after buying an additional 123 shares during the period. Institutional investors own 84.85% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on CDNS shares. Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a research note on Tuesday. Piper Sandler raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a "buy" rating and a $320.00 price target on the stock. Mizuho initiated coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 target price for the company. Finally, Needham & Company LLC reduced their price target on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $323.17.

Insider Activity

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

Cadence Design Systems Stock Down 4.8 %

NASDAQ:CDNS traded down $13.88 during trading hours on Thursday, reaching $276.12. 2,784,169 shares of the company traded hands, compared to its average volume of 1,774,420. The stock has a market capitalization of $75.61 billion, a P/E ratio of 72.47, a P/E/G ratio of 3.03 and a beta of 1.02. The business's 50-day moving average price is $267.01 and its two-hundred day moving average price is $282.04. Cadence Design Systems, Inc. has a 1 year low of $233.51 and a 1 year high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion for 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 firm's revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.01 earnings per share. Analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

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.