State of Tennessee Department of Treasury Cuts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

State of Tennessee Department of Treasury decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 19.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,883 shares of the software maker's stock after selling 17,355 shares during the period. State of Tennessee Department of Treasury's holdings in Cadence Design Systems were worth $21,598,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CDNS. Principal Financial Group Inc. lifted its position in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock valued at $547,886,000 after purchasing an additional 501,833 shares during the last quarter. Advisory Resource Group raised its position in shares of Cadence Design Systems by 20.9% during the 3rd quarter. Advisory Resource Group now owns 3,721 shares of the software maker's stock valued at $1,009,000 after buying an additional 643 shares in the last quarter. World Investment Advisors LLC lifted its holdings in shares of Cadence Design Systems by 656.3% in the 3rd quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker's stock valued at $2,021,000 after acquiring an additional 6,471 shares during the last quarter. Arvest Bank Trust Division purchased a new position in Cadence Design Systems in the third quarter worth about $202,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Cadence Design Systems during the third quarter worth approximately $2,225,000. 84.85% of the stock is owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now owns 58,123 shares of the company's stock, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 1,950 shares of company stock valued at $518,499 over the last ninety days. 1.99% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Mizuho dropped their price objective on shares of Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Piper Sandler increased 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. Bank of America lowered their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Finally, Loop Capital reduced their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock 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 issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $320.67.

Cadence Design Systems Stock Up 2.6 %

Shares of NASDAQ CDNS opened at $258.15 on Wednesday. The stock has a 50 day moving average price of $255.62 and a 200 day moving average price of $281.96. The firm has a market capitalization of $70.81 billion, a price-to-earnings ratio of 66.88, a PEG ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data 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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 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.

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.