Public Sector Pension Investment Board Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• The Public Sector Pension Investment Board increased its stake in Cadence Design Systems by 4.4%, owning 65,500 shares valued at approximately $16.66 million after purchasing an additional 2,744 shares in the first quarter.
• Cadence Design Systems reported $1.28 billion in revenue for the last quarter, exceeding analysts' expectations, and achieved a notable 20.2% increase in quarterly revenue year-over-year.
• Wall Street analysts are optimistic about Cadence Design Systems, with a consensus target price of $364.33, and twelve analysts rating the stock as a "buy."

Public Sector Pension Investment Board increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 65,500 shares of the software maker's stock after purchasing an additional 2,744 shares during the period. Public Sector Pension Investment Board's holdings in Cadence Design Systems were worth $16,659,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC purchased a new stake in Cadence Design Systems during the 1st quarter worth about $25,000. Costello Asset Management INC purchased a new stake in Cadence Design Systems during the 1st quarter worth about $25,000. Valley National Advisers Inc. lifted its holdings in Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after purchasing an additional 99 shares in the last quarter. Ancora Advisors LLC lifted its holdings in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its holdings in Cadence Design Systems by 36.5% during the 1st quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock worth $44,000 after purchasing an additional 46 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $349.09 on Tuesday. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $95.12 billion, a PE ratio of 94.35, a price-to-earnings-growth ratio of 4.62 and a beta of 0.97. The business's 50-day moving average price is $320.47 and its 200-day moving average price is $292.44. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued 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 company had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. During the same period in the prior year, the business posted $1.28 EPS. Cadence Design Systems's quarterly revenue was up 20.2% compared to the same quarter last year. Sell-side 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 Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction that occurred 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 completion of the sale, the director owned 8,010 shares in the company, valued at approximately $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $358.72, for a total value of $358,720.00. Following the completion of the sale, the vice president owned 104,499 shares of the company's stock, valued at $37,485,881.28. The trade was a 0.95% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,698 shares of company stock worth $1,485,387. 0.37% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CDNS. Rosenblatt Securities restated a "neutral" rating and issued a $300.00 target price on shares of Cadence Design Systems in a research note on Friday, July 25th. Stifel Nicolaus upped their target price on Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Wells Fargo & Company upped their target price on Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Piper Sandler restated a "neutral" rating and issued a $355.00 target price (up from $328.00) on shares of Cadence Design Systems in a research note on Tuesday, July 29th. Finally, Bank of America upped their target price on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. One 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $364.33.

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.

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