State of Alaska Department of Revenue Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

State of Alaska Department of Revenue grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 32,128 shares of the software maker's stock after purchasing an additional 860 shares during the period. State of Alaska Department of Revenue's holdings in Cadence Design Systems were worth $8,171,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC lifted its holdings in Cadence Design Systems by 80.2% during the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after buying an additional 676 shares during the period. Union Bancaire Privee UBP SA acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at about $9,958,000. Allworth Financial LP lifted its stake in shares of Cadence Design Systems by 83.0% in the 4th quarter. Allworth Financial LP now owns 1,422 shares of the software maker's stock valued at $457,000 after purchasing an additional 645 shares during the period. Sanctuary Advisors LLC lifted its stake in shares of Cadence Design Systems by 7.1% in the 4th quarter. Sanctuary Advisors LLC now owns 21,273 shares of the software maker's stock valued at $6,334,000 after purchasing an additional 1,403 shares during the period. Finally, 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 purchasing an additional 163 shares during the period. Institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Bank of America boosted their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Rosenblatt Securities upped their price target on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 29th. KeyCorp upped their price target on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Finally, Mizuho upped their price target on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $325.23.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded down $1.44 during trading on Friday, hitting $295.40. The company's stock had a trading volume of 2,372,758 shares, compared to its average volume of 2,015,558. The company has a market cap of $80.66 billion, a PE ratio of 74.78, a P/E/G ratio of 4.11 and a beta of 0.98. 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 business has a fifty day moving average of $296.16 and a 200-day moving average of $287.13. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $326.19.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The firm's quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.17 EPS. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $302.00, for a total transaction of $302,000.00. Following the completion of the transaction, the vice president now owns 106,499 shares in the company, valued at approximately $32,162,698. This represents a 0.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the transaction, the director now 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 90 days, insiders sold 19,625 shares of company stock worth $5,972,453. 1.99% of the stock is owned by company insiders.

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.