State of Michigan Retirement System Sells 200 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

State of Michigan Retirement System decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 79,323 shares of the software maker’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Cadence Design Systems were worth $23,833,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Principal Financial Group Inc. raised its stake in Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after buying an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. raised its position in shares of Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after acquiring an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. lifted its stake in shares of Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after purchasing an additional 306,887 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after purchasing an additional 79,268 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after purchasing an additional 310,250 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 107,766 shares of company stock worth $33,339,852 in the last ninety days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 0.2 %

NASDAQ:CDNS opened at $241.29 on Wednesday. Cadence Design Systems, Inc. has a 52 week low of $233.72 and a 52 week high of $328.99. The firm has a 50-day moving average price of $292.50 and a two-hundred day moving average price of $286.27. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm has a market cap of $66.14 billion, a price-to-earnings ratio of 62.51, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 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 for the quarter, compared to analysts’ expectations of $1.35 billion. On average, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of research analyst reports. Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Mizuho raised their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Finally, Robert W. Baird dropped their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. One investment 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 MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

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.