Mutual of America Capital Management LLC Has $8.11 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mutual of America Capital Management LLC lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 8.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,890 shares of the software maker's stock after selling 2,975 shares during the period. Mutual of America Capital Management LLC's holdings in Cadence Design Systems were worth $8,111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in CDNS. Norges Bank acquired a new stake in Cadence Design Systems in the fourth quarter valued at $1,170,209,000. GAMMA Investing LLC increased its holdings 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 valued at $309,835,000 after acquiring an additional 1,214,330 shares during the last quarter. Schroder Investment Management Group raised its position 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 in the last quarter. FMR LLC lifted its stake in Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in 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 in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CDNS shares. Loop Capital boosted their price objective on shares of Cadence Design Systems from $340.00 to $370.00 and gave the stock a "buy" rating in a research report on Monday. Oppenheimer decreased their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Rosenblatt Securities lifted their target price 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. Wells Fargo & Company boosted their target price on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Finally, JPMorgan Chase & Co. upgraded 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 research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $330.07.

Insider Buying and Selling

In other news, VP Paul Scannell sold 4,710 shares of the business's stock in a transaction on Tuesday, April 29th. The stock was 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 of the company's stock, valued at $8,532,600. The trade was a 14.21% decrease in their ownership of the stock. The sale 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 firm'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 completion of the transaction, the vice president owned 105,499 shares of the company's stock, valued at approximately $32,319,618.65. The trade was a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,975 shares of company stock worth $6,114,587. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $6.28 during mid-day trading on Thursday, hitting $320.86. The stock had a trading volume of 1,275,751 shares, compared to its average volume of 2,038,828. 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 company has a 50 day simple moving average of $308.36 and a 200-day simple moving average of $287.75. The stock has a market capitalization of $87.61 billion, a price-to-earnings ratio of 81.23, a P/E/G ratio of 4.41 and a beta of 0.99. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $330.09.

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. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The business 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 business earned $1.17 earnings per share. The company's revenue was up 23.1% on a year-over-year basis. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.