Arizona State Retirement System Has $20.43 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Arizona State Retirement System boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 80,333 shares of the software maker's stock after acquiring an additional 1,447 shares during the period. Arizona State Retirement System's holdings in Cadence Design Systems were worth $20,431,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Realta Investment Advisors boosted its position in shares of Cadence Design Systems by 17.5% during the first quarter. Realta Investment Advisors now owns 3,046 shares of the software maker's stock worth $775,000 after purchasing an additional 454 shares in the last quarter. Ballentine Partners LLC boosted its position in shares of Cadence Design Systems by 10.0% during the first quarter. Ballentine Partners LLC now owns 3,210 shares of the software maker's stock worth $816,000 after purchasing an additional 292 shares in the last quarter. Berbice Capital Management LLC boosted its position in shares of Cadence Design Systems by 139.5% during the first quarter. Berbice Capital Management LLC now owns 515 shares of the software maker's stock worth $131,000 after purchasing an additional 300 shares in the last quarter. Xponance Inc. boosted its position in shares of Cadence Design Systems by 1.6% during the first quarter. Xponance Inc. now owns 69,093 shares of the software maker's stock worth $17,572,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Kesler Norman & Wride LLC bought a new position in shares of Cadence Design Systems during the first quarter worth $683,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CDNS shares. Wall Street Zen raised shares of Cadence Design Systems from a "hold" rating to a "buy" rating in a research report on Saturday. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Mizuho lifted their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Finally, Bank of America boosted their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average target price of $327.93.

Insider Activity at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director directly owned 8,010 shares in the company, valued at $2,435,040. The trade was a 2.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the transaction, the vice president owned 105,499 shares in the company, valued at $32,319,618.65. This represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,975 shares of company stock worth $6,114,587 over the last ninety days. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Down 0.6%

Shares of NASDAQ:CDNS opened at $320.60 on Friday. The company's 50-day moving average price is $307.83 and its two-hundred day moving average price is $287.41. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $330.09. The stock has a market capitalization of $87.54 billion, a PE ratio of 81.16, a price-to-earnings-growth ratio of 4.44 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The firm had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the previous year, the firm posted $1.17 EPS. The company's revenue for the quarter was up 23.1% on a year-over-year basis. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 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.

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