Arizona State Retirement System Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Arizona State Retirement System increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 79,028 shares of the software maker’s stock after purchasing an additional 955 shares during the quarter. Arizona State Retirement System’s holdings in Cadence Design Systems were worth $24,321,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in CDNS. Norges Bank bought a new stake in Cadence Design Systems in the 4th quarter worth $1,141,059,000. Swedbank AB purchased a new position in Cadence Design Systems in the first quarter worth about $439,988,000. Principal Financial Group Inc. raised its holdings in Cadence Design Systems by 280.1% in the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after buying an additional 1,119,824 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after buying an additional 468,195 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.1 %

NASDAQ CDNS opened at $251.00 on Friday. The stock has a market capitalization of $68.38 billion, a P/E ratio of 65.33, a PEG ratio of 3.24 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $227.05 and a 12 month high of $328.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The firm’s 50-day moving average is $280.32 and its two-hundred day moving average is $293.20.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the company earned $0.94 earnings per share. The firm’s revenue was up 8.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00. Following the completion of the transaction, the vice president now owns 66,494 shares of the company’s stock, valued at approximately $19,615,730. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,263 shares of company stock valued at $10,892,906. 1.99% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research report on Tuesday, August 6th. Robert W. Baird dropped their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Finally, Bank of America increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $334.56.

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.