California State Teachers Retirement System Sells 2,753 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

California State Teachers Retirement System decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 0.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 430,797 shares of the software maker's stock after selling 2,753 shares during the quarter. California State Teachers Retirement System owned approximately 0.16% of Cadence Design Systems worth $129,437,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $28,000. Avalon Trust Co bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $39,000. Versant Capital Management Inc increased its holdings 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 valued at $42,000 after acquiring an additional 87 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $46,000. Finally, Synergy Investment Management LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $50,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

CDNS stock traded up $1.99 during midday trading on Thursday, reaching $299.73. 2,302,655 shares of the company's stock traded hands, compared to its average volume of 1,952,252. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99. The stock has a market cap of $82.22 billion, a P/E ratio of 77.65, a PEG ratio of 3.88 and a beta of 1.14. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock's 50-day moving average is $256.20 and its 200 day moving average is $282.41.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the prior year, the company earned $1.17 earnings per share. The firm's revenue was up 23.1% on a year-over-year basis. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the completion of the transaction, the vice president now directly owns 28,442 shares in the company, valued at $8,532,600. This represents a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares of the company's stock, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,840 shares of company stock worth $1,980,999 over the last three months. 1.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They set a "buy" rating and a $350.00 price target for the company. Needham & Company LLC reiterated a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Piper Sandler boosted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $322.54.

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.