State of Alaska Department of Revenue Has $9.39 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

State of Alaska Department of Revenue trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,268 shares of the software maker’s stock after selling 13,546 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cadence Design Systems were worth $9,394,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Van ECK Associates Corp grew its position in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $148,594,000. Meridiem Investment Management Ltd. acquired a new stake in shares of Cadence Design Systems during the third quarter worth $129,285,000. Finally, Jennison Associates LLC raised its stake in Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after buying an additional 404,076 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Up 0.1 %

NASDAQ:CDNS opened at $302.91 on Friday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The firm has a 50-day moving average price of $304.77 and a two-hundred day moving average price of $284.80. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market cap of $83.08 billion, a price-to-earnings ratio of 79.50, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Needham & Company LLC decreased their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Loop Capital started coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. Mizuho lifted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective on the stock. Finally, Berenberg Bank started coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $329.50.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were 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 owns 29,248 shares in the company, valued at $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. Insiders sold a total of 108,416 shares of company stock valued at $33,538,875 over the last three months. Corporate insiders own 0.62% 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.