New York State Common Retirement Fund Reduces Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

New York State Common Retirement Fund trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 7.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 464,045 shares of the software maker's stock after selling 36,996 shares during the quarter. New York State Common Retirement Fund owned about 0.17% of Cadence Design Systems worth $126,392,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CDNS. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems in the 3rd quarter valued at approximately $26,000. Valley National Advisers Inc. raised its position in shares of Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker's stock valued at $26,000 after purchasing an additional 47 shares during the last quarter. Fortitude Family Office LLC acquired a new position in Cadence Design Systems in the 4th quarter worth approximately $28,000. Rakuten Securities Inc. acquired a new position in Cadence Design Systems in the 4th quarter worth approximately $45,000. Finally, Catalyst Capital Advisors LLC increased its holdings in Cadence Design Systems by 34.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker's stock worth $47,000 after buying an additional 52 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded down $3.26 during trading on Tuesday, reaching $281.76. The company had a trading volume of 4,680,143 shares, compared to its average volume of 1,556,322. The firm's 50-day simple moving average is $305.09 and its 200 day simple moving average is $280.73. Cadence Design Systems, Inc. has a 1-year low of $194.01 and a 1-year high of $327.36. The firm has a market capitalization of $76.71 billion, a PE ratio of 74.61, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1 billion. During the same quarter last year, the company earned $1.02 EPS. The firm's revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CDNS. Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday. Stifel Nicolaus increased their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, February 13th. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, April 16th. Morgan Stanley upgraded shares of Cadence Design Systems from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, KeyCorp raised their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an "overweight" rating in a research note on Monday, April 15th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $316.50.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the sale, the director now owns 53,183 shares of the company's stock, valued at approximately $15,924,053.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $310,460.00. Following the transaction, the vice president now owns 68,144 shares in the company, valued at approximately $21,155,986.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm's stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the transaction, the director now owns 53,183 shares in the company, valued at approximately $15,924,053.86. The disclosure for this sale can be found here. In the last quarter, insiders have sold 177,544 shares of company stock valued at $53,581,207. 0.62% 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.