Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 422,094 shares of the software maker's stock after selling 21,576 shares during the quarter. New York State Common Retirement Fund owned about 0.15% of Cadence Design Systems worth $114,400,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Empowered Funds LLC grew its position in Cadence Design Systems by 223.8% in the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker's stock valued at $2,858,000 after acquiring an additional 6,346 shares during the last quarter. Park National Corp OH increased its stake in Cadence Design Systems by 19.8% in the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker's stock worth $41,931,000 after buying an additional 22,537 shares during the period. Industrial Alliance Investment Management Inc. lifted its holdings in Cadence Design Systems by 83.4% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 4,505 shares of the software maker's stock valued at $1,402,000 after buying an additional 2,048 shares in the last quarter. SG Americas Securities LLC boosted its position in Cadence Design Systems by 88.4% in the 2nd quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker's stock valued at $16,625,000 after buying an additional 25,347 shares during the period. Finally, Teamwork Financial Advisors LLC grew its stake in Cadence Design Systems by 19.4% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker's stock worth $3,559,000 after acquiring an additional 2,136 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the company. Needham & Company LLC reduced their price objective on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a report on Tuesday. Rosenblatt Securities restated a "neutral" rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday. Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 price objective for the company. Piper Sandler upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Finally, Robert W. Baird boosted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a report on Tuesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $323.17.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now directly owns 45,051 shares of the company's stock, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the transaction, the director now directly owns 45,051 shares in the company, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,697 shares of company stock worth $7,555,216. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded up $5.97 during trading hours on Friday, hitting $282.09. 1,897,324 shares of the stock traded hands, compared to its average volume of 1,775,005. The firm's 50 day moving average price is $267.18 and its 200-day moving average price is $281.73. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 1.32. The stock has a market capitalization of $77.24 billion, a price-to-earnings ratio of 74.04, a P/E/G ratio of 3.55 and a beta of 1.02. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm's revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.01 earnings per share. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

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.