Teacher Retirement System of Texas Has $9.36 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Teacher Retirement System of Texas increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 40.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,147 shares of the software maker's stock after purchasing an additional 8,965 shares during the period. Teacher Retirement System of Texas' holdings in Cadence Design Systems were worth $9,358,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CDNS. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter worth about $28,000. Avalon Trust Co bought a new stake in shares of Cadence Design Systems in the fourth quarter worth about $39,000. Versant Capital Management Inc raised its position in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after purchasing an additional 87 shares during the period. Prestige Wealth Management Group LLC lifted its holdings in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after purchasing an additional 60 shares in the last quarter. Finally, OFI Invest Asset Management bought a new position in Cadence Design Systems in the fourth quarter valued at approximately $46,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded down $5.70 on Wednesday, reaching $263.41. The stock had a trading volume of 1,394,762 shares, compared to its average volume of 1,807,191. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The company has a market cap of $72.20 billion, a P/E ratio of 68.24, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The firm has a fifty day moving average of $277.00 and a two-hundred day moving average of $284.46.

Remove Ads

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CDNS. Oppenheimer cut their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. Mizuho raised their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Loop Capital dropped their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Finally, Robert W. Baird decreased their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $324.83.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now owns 59,311 shares in the company, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business's stock in a transaction dated Monday, January 6th. The shares were 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 directly owns 55,874 shares of the company's stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock worth $31,229,155 in the last 90 days. Company insiders own 1.99% of the company's stock.

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.