Municipal Employees Retirement System of Michigan increased its position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 233.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 24,110 shares of the software maker’s stock after buying an additional 16,870 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Cadence Design Systems were worth $1,009,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CDNS. Crossmark Global Holdings Inc. purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at approximately $432,000. Sei Investments Co. raised its position in shares of Cadence Design Systems by 18.2% during the 3rd quarter. Sei Investments Co. now owns 133,526 shares of the software maker’s stock valued at $5,271,000 after buying an additional 20,538 shares during the period. New York State Common Retirement Fund raised its position in shares of Cadence Design Systems by 11.1% during the 3rd quarter. New York State Common Retirement Fund now owns 811,505 shares of the software maker’s stock valued at $32,030,000 after buying an additional 81,133 shares during the period. Advisor Group Inc. raised its position in shares of Cadence Design Systems by 151.4% during the 3rd quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock valued at $165,000 after buying an additional 2,505 shares during the period. Finally, Commonwealth Equity Services Inc purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at approximately $222,000. 86.73% of the stock is currently owned by hedge funds and other institutional investors.

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Several analysts have recently commented on the stock. KeyCorp reaffirmed a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, November 26th. BidaskClub downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Zacks Investment Research downgraded shares of Cadence Design Systems from a “hold” rating to a “strong sell” rating in a report on Monday, February 5th. Credit Suisse Group reiterated a “neutral” rating and issued a $43.00 target price (up previously from $37.00) on shares of Cadence Design Systems in a report on Thursday, February 1st. Finally, ValuEngine upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $44.20.

Shares of Cadence Design Systems stock opened at $38.35 on Thursday. Cadence Design Systems Inc has a 1-year low of $30.35 and a 1-year high of $46.00. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.53 and a quick ratio of 1.47. The firm has a market cap of $10,737.71, a P/E ratio of 51.82, a P/E/G ratio of 3.71 and a beta of 1.08.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Wednesday, January 31st. The software maker reported $0.39 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.39. Cadence Design Systems had a net margin of 10.50% and a return on equity of 31.28%. The firm had revenue of $501.70 million during the quarter, compared to the consensus estimate of $496.20 million. During the same quarter last year, the firm earned $0.34 EPS. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. equities analysts expect that Cadence Design Systems Inc will post 0.85 earnings per share for the current fiscal year.

In other Cadence Design Systems news, CFO John M. Wall sold 1,021 shares of the business’s stock in a transaction on Wednesday, March 14th. The shares were sold at an average price of $39.25, for a total value of $40,074.25. Following the completion of the transaction, the chief financial officer now owns 127,972 shares in the company, valued at $5,022,901. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Lip Bu Tan sold 25,000 shares of the business’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $44.69, for a total transaction of $1,117,250.00. Following the completion of the transaction, the chief executive officer now owns 458,333 shares of the company’s stock, valued at approximately $20,482,901.77. The disclosure for this sale can be found here. Insiders sold a total of 162,110 shares of company stock valued at $7,016,878 in the last quarter. 2.55% of the stock is owned by insiders.

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About Cadence Design Systems

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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