Teachers Retirement System of The State of Kentucky Has $17.51 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Teachers Retirement System of The State of Kentucky increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 11.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 68,864 shares of the software maker's stock after buying an additional 7,101 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Cadence Design Systems were worth $17,514,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Legacy Capital Wealth Partners LLC lifted its position in shares of Cadence Design Systems by 2.8% during the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock valued at $309,000 after buying an additional 33 shares in the last quarter. Accredited Investors Inc. grew its position in Cadence Design Systems by 1.7% in the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after acquiring an additional 36 shares in the last quarter. Principal Street Partners LLC grew 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. Oarsman Capital Inc. grew its position in Cadence Design Systems by 3.8% in the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after acquiring an additional 38 shares in the last quarter. Finally, Greenleaf Trust grew its position in Cadence Design Systems by 0.7% in the 1st quarter. Greenleaf Trust now owns 5,802 shares of the software maker's stock valued at $1,476,000 after acquiring an additional 39 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded down $0.50 during trading hours on Thursday, hitting $325.96. The stock had a trading volume of 510,495 shares, compared to its average volume of 2,043,256. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. The stock has a market capitalization of $89.00 billion, a price-to-earnings ratio of 82.52, a PEG ratio of 4.44 and a beta of 0.99. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $330.09. The stock's fifty day moving average is $309.06 and its two-hundred day moving average is $288.40.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. Cadence Design Systems's 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 earnings per share. As a group, analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the topic of several analyst reports. Rosenblatt Securities increased their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Needham & Company LLC reissued a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Bank of America boosted their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Finally, Loop Capital boosted their target price on Cadence Design Systems from $340.00 to $370.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $332.57.

Insider Buying and Selling

In other news, Director James D. Plummer sold 868 shares of the 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 owned 23,996 shares in the company, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Tuesday, June 10th. The shares were 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 of the company's stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,795 shares of company stock worth $6,065,087. Corporate insiders own 1.99% 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.