Illinois Municipal Retirement Fund Sells 12,461 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Illinois Municipal Retirement Fund trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 18.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 56,835 shares of the software maker's stock after selling 12,461 shares during the period. Illinois Municipal Retirement Fund's holdings in Cadence Design Systems were worth $14,455,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CDNS. Transcend Capital Advisors LLC increased its holdings in Cadence Design Systems by 6.2% during the first quarter. Transcend Capital Advisors LLC now owns 1,962 shares of the software maker's stock valued at $499,000 after buying an additional 114 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of Cadence Design Systems by 3.9% during the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,072 shares of the software maker's stock worth $285,000 after acquiring an additional 40 shares during the last quarter. Board of the Pension Protection Fund grew its position in shares of Cadence Design Systems by 16.7% during the 1st quarter. Board of the Pension Protection Fund now owns 2,100 shares of the software maker's stock valued at $534,000 after acquiring an additional 300 shares during the period. Tranquility Partners LLC increased its stake in shares of Cadence Design Systems by 32.5% in the 1st quarter. Tranquility Partners LLC now owns 2,596 shares of the software maker's stock worth $660,000 after purchasing an additional 637 shares in the last quarter. Finally, Perpetual Ltd raised its holdings in Cadence Design Systems by 3.5% in the 1st quarter. Perpetual Ltd now owns 3,644 shares of the software maker's stock worth $927,000 after purchasing an additional 122 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $2.28 during midday trading on Monday, reaching $307.48. 707,908 shares of the company were exchanged, compared to its average volume of 2,022,271. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The stock has a market cap of $83.95 billion, a PE ratio of 77.84, a price-to-earnings-growth ratio of 4.23 and a beta of 0.99. The business's fifty day moving average is $300.72 and its two-hundred day moving average is $286.35. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $326.19.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business's quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.17 earnings per share. As a group, analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CDNS. Rosenblatt Securities boosted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. KeyCorp raised their target price on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Mizuho upped 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. Finally, Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $325.23.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer now owns 209,548 shares of the company's stock, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $302.00, for a total value of $302,000.00. Following the sale, the vice president now owns 106,499 shares in the company, valued at approximately $32,162,698. This trade represents a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,625 shares of company stock worth $5,972,453 in the last quarter. 0.37% of the stock is owned by corporate insiders.

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.