New York State Common Retirement Fund Raises Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

New York State Common Retirement Fund boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 11.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 468,797 shares of the software maker's stock after buying an additional 46,703 shares during the period. New York State Common Retirement Fund owned 0.17% of Cadence Design Systems worth $140,855,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its holdings in Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock worth $672,300,000 after buying an additional 216,075 shares during the period. Pittenger & Anderson Inc. lifted its holdings in Cadence Design Systems by 50.1% during the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock worth $1,589,000 after buying an additional 1,766 shares during the period. Meridiem Investment Management Ltd. lifted its holdings in Cadence Design Systems by 64.3% during the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock worth $235,625,000 after buying an additional 306,887 shares during the period. Nisa Investment Advisors LLC lifted 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 worth $41,850,000 after buying an additional 79,268 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock worth $258,136,000 after buying an additional 310,250 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

CDNS traded down $11.96 during midday trading on Friday, hitting $258.27. 4,553,254 shares of the company were exchanged, compared to its average volume of 1,870,280. The company's 50 day simple moving average is $301.51 and its 200 day simple moving average is $286.95. The firm has a market capitalization of $70.83 billion, a price-to-earnings ratio of 66.91, a price-to-earnings-growth ratio of 3.17 and a beta of 1.03. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. 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 announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.57 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Wall sold 4,224 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the sale, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock valued at $33,538,875. Company insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Piper Sandler upped their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 price target on the stock. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price target on the stock. Bank of America reduced their price target on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday. Finally, Mizuho upped their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, Cadence Design Systems has an average rating of "Moderate Buy" and an average target price of $326.92.

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.