Teacher Retirement System of Texas Buys 30,118 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Teacher Retirement System of Texas increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 96.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 61,265 shares of the software maker's stock after purchasing an additional 30,118 shares during the period. Teacher Retirement System of Texas' holdings in Cadence Design Systems were worth $15,582,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CDNS. Accredited Investors Inc. lifted its stake in shares of Cadence Design Systems by 1.7% in the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after buying an additional 36 shares in the last quarter. Principal Street Partners LLC lifted its position in Cadence Design Systems by 2.6% in the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock valued at $437,000 after acquiring an additional 37 shares in the last quarter. Lindbrook Capital LLC boosted its stake in Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock valued at $670,000 after purchasing an additional 38 shares during the last quarter. Oarsman Capital Inc. boosted its stake in Cadence Design Systems by 3.8% during the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after purchasing an additional 38 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its holdings in shares of Cadence Design Systems by 3.9% in the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,072 shares of the software maker's stock worth $285,000 after purchasing an additional 40 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the transaction, the vice president owned 28,442 shares in the company, valued at approximately $8,532,600. This represents a 14.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the sale, the director directly owned 23,996 shares in the company, valued at $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,975 shares of company stock valued at $6,114,587. 1.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent analyst reports. Wells Fargo & Company increased their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. KeyCorp boosted their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Bank of America raised their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, Mizuho lifted their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Stock Up 5.6%

NASDAQ CDNS opened at $328.49 on Friday. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $330.09. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $89.69 billion, a P/E ratio of 83.16, a price-to-earnings-growth ratio of 4.53 and a beta of 0.99. The stock's 50-day moving average price is $305.50 and its 200-day moving average price is $286.91.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released 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. The company had revenue of $1.24 billion for 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%. The firm's revenue was up 23.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.17 EPS. On average, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current 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.

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