Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Maryland State Retirement & Pension System

Key Points

• Maryland State Retirement & Pension System has reduced its stake in Cadence Design Systems by 12.7%, now holding 12,744 shares valued at approximately $3.24 million.
• Wells Fargo & Company raised its price target for Cadence shares from $365 to $405, indicating a strong bullish sentiment from analysts, with a consensus rating of "Moderate Buy".
• Cadence Design Systems reported Q2 earnings of $1.65 per share, exceeding estimates and demonstrating a revenue increase of 20.2% year-over-year, totaling $1.28 billion.

Maryland State Retirement & Pension System decreased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 12.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,744 shares of the software maker's stock after selling 1,862 shares during the quarter. Maryland State Retirement & Pension System's holdings in Cadence Design Systems were worth $3,241,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CDNS. Legacy Capital Wealth Partners LLC grew its holdings in Cadence Design Systems by 2.8% during the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock valued at $309,000 after purchasing an additional 33 shares in the last quarter. Accredited Investors Inc. grew its stake in shares of Cadence Design Systems by 1.7% during the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after acquiring an additional 36 shares in the last quarter. Empower Advisory Group LLC increased its position in shares of Cadence Design Systems by 4.1% during the first quarter. Empower Advisory Group LLC now owns 911 shares of the software maker's stock worth $232,000 after acquiring an additional 36 shares during the last quarter. Principal Street Partners LLC lifted its stake in shares of Cadence Design Systems by 2.6% in the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock worth $437,000 after acquiring an additional 37 shares in the last quarter. Finally, Greenleaf Trust boosted its stake in shares of Cadence Design Systems by 0.7% during the 1st quarter. Greenleaf Trust now owns 5,802 shares of the software maker's stock valued at $1,476,000 after buying an additional 39 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. The Goldman Sachs Group began coverage on Cadence Design Systems in a report on Thursday, July 10th. They issued a "buy" rating and a $380.00 price target for the company. Loop Capital upped their price target on Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Wall Street Zen downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Finally, Bank of America increased their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $364.33.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $354.33 on Friday. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The firm has a market cap of $96.55 billion, a P/E ratio of 95.77, a PEG ratio of 4.73 and a beta of 0.97. The stock has a fifty day moving average price of $316.60 and a two-hundred day moving average price of $292.05. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The business had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. During the same quarter last year, the business posted $1.28 earnings per share. The company's quarterly revenue was up 20.2% on a year-over-year basis. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $358.72, for a total transaction of $358,720.00. Following the completion of the sale, the vice president directly owned 104,499 shares of the company's stock, valued at $37,485,881.28. This trade represents a 0.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the sale, the director directly owned 8,010 shares in the company, valued at $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,698 shares of company stock valued at $1,485,387. Corporate insiders own 1.99% 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.

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