Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 9.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 120,356 shares of the software maker's stock after selling 13,255 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Cadence Design Systems were worth $36,162,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Golden State Wealth Management LLC purchased a new position in Cadence Design Systems during the 4th quarter valued at $28,000. Ancora Advisors LLC grew its stake in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after acquiring an additional 112 shares in the last quarter. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $39,000. OFI Invest Asset Management purchased a new position in Cadence Design Systems during the fourth quarter valued at approximately $46,000. Finally, Synergy Investment Management LLC bought a new position in Cadence Design Systems in the fourth quarter worth approximately $50,000. 84.85% of the stock is currently owned by institutional investors.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director now directly owns 23,996 shares of the company's stock, valued at $7,677,520.20. This trade represents a 3.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares of the company's stock, valued at $2,038,025. The trade was a 2.37% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,445 shares of company stock valued at $5,594,127. Insiders own 1.99% of the company's stock.

Cadence Design Systems Price Performance

Shares of CDNS traded up $2.50 on Thursday, reaching $291.11. The stock had a trading volume of 2,327,208 shares, compared to its average volume of 2,003,100. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The firm has a market capitalization of $79.48 billion, a PE ratio of 75.41, a PEG ratio of 3.88 and a beta of 1.04. The firm has a 50-day moving average of $282.17 and a 200 day moving average of $287.85. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CDNS. Bank of America lifted their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Piper Sandler upped 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. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $325.23.

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.