Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 210,052 shares of the software maker's stock after selling 12,103 shares during the period. New York State Teachers Retirement System owned 0.08% of Cadence Design Systems worth $53,423,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $1,170,209,000. GAMMA Investing LLC increased its stake in shares of Cadence Design Systems by 31,049.1% in the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after acquiring an additional 1,214,330 shares during the last quarter. Schroder Investment Management Group raised its holdings in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after acquiring an additional 716,041 shares during the period. FMR LLC boosted its position in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after acquiring an additional 639,146 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after purchasing an additional 632,175 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Trading Up 1.0%

CDNS opened at $308.15 on Tuesday. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The firm has a market cap of $84.14 billion, a P/E ratio of 78.01, a P/E/G ratio of 4.23 and a beta of 0.99. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $326.19. The business has a fifty day simple moving average of $301.86 and a 200-day simple moving average of $286.36.

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. The company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. Cadence Design Systems's revenue for the quarter was up 23.1% on a year-over-year basis. During the same period last year, the business posted $1.17 EPS. On average, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the sale, the vice president directly owned 28,442 shares in the company, valued at $8,532,600. This represents a 14.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James D. Plummer sold 868 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the transaction, the director owned 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,975 shares of company stock valued at $5,808,237. 0.37% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CDNS. KeyCorp raised their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Bank of America upped their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Rosenblatt Securities increased their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 29th. Finally, Wells Fargo & Company lifted their target price on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $325.23.

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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