Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,817 shares of the software maker’s stock after selling 259 shares during the quarter. Kentucky Retirement Systems’ holdings in Cadence Design Systems were worth $5,654,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CDNS. Van ECK Associates Corp raised its position in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after acquiring an additional 572,251 shares during the period. Principal Financial Group Inc. increased its stake in shares of Cadence Design Systems by 33.0% in the 3rd 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 in the last quarter. Manning & Napier Advisors LLC acquired a new position in Cadence Design Systems in the 4th quarter worth about $148,594,000. Jennison Associates LLC raised its holdings in Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares during the period. Finally, AustralianSuper Pty Ltd boosted its position in Cadence Design Systems by 2,353.1% during the fourth quarter. AustralianSuper Pty Ltd now owns 406,682 shares of the software maker’s stock worth $122,192,000 after purchasing an additional 390,104 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday. Redburn Atlantic began coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Rosenblatt Securities increased their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday. Bank of America cut 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 research note on Wednesday. Finally, Piper Sandler upped their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the transaction, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Trading Down 1.3 %

CDNS opened at $270.39 on Friday. The firm has a market capitalization of $74.16 billion, a price-to-earnings ratio of 70.05, a price-to-earnings-growth ratio of 3.48 and a beta of 1.03. The company’s 50 day simple moving average is $302.27 and its two-hundred day simple moving average is $287.07. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 30.20% and a net margin of 22.74%. Analysts expect that Cadence Design Systems, Inc. will post 5.57 EPS for the current fiscal year.

Cadence Design Systems Company 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.