New York State Common Retirement Fund Sells 60,511 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

New York State Common Retirement Fund cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 12.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 408,286 shares of the software maker's stock after selling 60,511 shares during the quarter. New York State Common Retirement Fund owned 0.15% of Cadence Design Systems worth $103,839,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CDNS. Brighton Jones LLC grew its position in Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after buying an additional 676 shares in the last quarter. Highview Capital Management LLC DE lifted its stake in shares of Cadence Design Systems by 2.7% in the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock valued at $1,894,000 after acquiring an additional 163 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Cadence Design Systems during the 4th quarter valued at approximately $431,000. Independent Advisor Alliance raised its position in Cadence Design Systems by 119.7% during the 4th quarter. Independent Advisor Alliance now owns 3,660 shares of the software maker's stock valued at $1,100,000 after purchasing an additional 1,994 shares during the last quarter. Finally, HighTower Advisors LLC grew its holdings in shares of Cadence Design Systems by 23.3% during the 4th quarter. HighTower Advisors LLC now owns 51,673 shares of the software maker's stock worth $15,526,000 after acquiring an additional 9,757 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS stock traded down $3.10 during midday trading on Wednesday, reaching $314.94. 1,040,570 shares of the company were exchanged, compared to its average volume of 2,036,992. The company's 50 day moving average price is $308.23 and its two-hundred day moving average price is $287.56. The company has a market cap of $85.99 billion, a P/E ratio of 79.69, a PEG ratio of 4.40 and a beta of 0.99. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month 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, topping analysts' consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. Cadence Design Systems's revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.17 earnings per share. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on CDNS. JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. The Goldman Sachs Group began coverage on Cadence Design Systems in a research note on Thursday, July 10th. They issued a "buy" rating and a $380.00 price target on the stock. Loop Capital upped their price target on Cadence Design Systems from $340.00 to $370.00 and gave the stock a "buy" rating in a research note on Monday. Oppenheimer lowered their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. Finally, Rosenblatt Securities upped their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. One investment 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, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average price target of $330.07.

Insider Buying and Selling at Cadence Design Systems

In related news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director directly owned 23,996 shares of the company's stock, valued at $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Scannell sold 4,710 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the sale, the vice president owned 28,442 shares of the company's stock, valued at approximately $8,532,600. This represents a 14.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,975 shares of company stock worth $6,114,587 in the last quarter. Company insiders own 0.37% 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.