Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 79,028 shares of the software maker’s stock after purchasing an additional 955 shares during the quarter. Arizona State Retirement System’s holdings in Cadence Design Systems were worth $24,321,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after acquiring an additional 437,101 shares during the last quarter. Jennison Associates LLC increased its stake in Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after acquiring an additional 459,603 shares during the last quarter. Norges Bank acquired a new stake in Cadence Design Systems during the fourth quarter worth about $1,141,059,000. Van ECK Associates Corp increased its stake in Cadence Design Systems by 10.5% during the second quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after acquiring an additional 209,301 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake in Cadence Design Systems by 7.7% during the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after acquiring an additional 145,351 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the sale, the senior vice president now owns 19,280 shares of the company’s stock, valued at $5,933,420. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total value of $191,750.00. Following the completion of the sale, the vice president now directly owns 66,494 shares of the company’s stock, valued at approximately $19,615,730. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the transaction, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at $5,933,420. The disclosure for this sale can be found here. Insiders have sold a total of 38,263 shares of company stock valued at $10,892,906 over the last 90 days. 1.99% of the stock is owned by insiders.

Cadence Design Systems Price Performance

CDNS opened at $251.00 on Friday. Cadence Design Systems, Inc. has a 12 month low of $227.05 and a 12 month high of $328.99. The stock has a market cap of $68.38 billion, a P/E ratio of 65.33, a P/E/G ratio of 3.24 and a beta of 1.03. The company has a fifty day simple moving average of $280.32 and a 200 day simple moving average of $293.20. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the firm earned $0.94 earnings per share. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on CDNS. Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Bank of America increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. KeyCorp increased their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

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.