State of Tennessee Treasury Department decreased its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 3.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 97,298 shares of the software maker’s stock after selling 2,958 shares during the period. State of Tennessee Treasury Department’s holdings in Cadence Design Systems were worth $6,180,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund lifted its stake in Cadence Design Systems by 3,809.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,691,151 shares of the software maker’s stock valued at $62,000 after buying an additional 2,622,317 shares during the period. Parnassus Investments CA lifted its stake in Cadence Design Systems by 13.4% in the fourth quarter. Parnassus Investments CA now owns 14,392,128 shares of the software maker’s stock valued at $625,770,000 after buying an additional 1,697,043 shares during the period. Norges Bank acquired a new position in Cadence Design Systems in the fourth quarter valued at about $61,212,000. Millennium Management LLC lifted its stake in Cadence Design Systems by 79.8% in the fourth quarter. Millennium Management LLC now owns 2,695,739 shares of the software maker’s stock valued at $117,211,000 after buying an additional 1,196,155 shares during the period. Finally, FMR LLC lifted its stake in Cadence Design Systems by 14,036.2% in the fourth quarter. FMR LLC now owns 1,039,579 shares of the software maker’s stock valued at $45,200,000 after buying an additional 1,032,225 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Cadence Design Systems stock traded up $0.66 during midday trading on Wednesday, reaching $68.86. The stock had a trading volume of 52,937 shares, compared to its average volume of 2,088,711. Cadence Design Systems Inc has a 1-year low of $39.08 and a 1-year high of $70.49. The firm has a market cap of $19.28 billion, a PE ratio of 55.89, a P/E/G ratio of 4.08 and a beta of 1.15. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.39 and a current ratio of 1.45.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.08. The business had revenue of $577.00 million for the quarter, compared to analyst estimates of $569.34 million. Cadence Design Systems had a return on equity of 30.86% and a net margin of 17.91%. Cadence Design Systems’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.40 EPS. As a group, equities research analysts predict that Cadence Design Systems Inc will post 1.46 EPS for the current year.

CDNS has been the topic of a number of research analyst reports. Needham & Company LLC raised their price target on Cadence Design Systems from $60.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, March 14th. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 15th. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 14th. DA Davidson raised their price target on Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, February 20th. Finally, ValuEngine raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 23rd. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $59.44.

In other Cadence Design Systems news, President Anirudh Devgan sold 52,466 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $63.83, for a total value of $3,348,904.78. Following the completion of the transaction, the president now directly owns 494,480 shares in the company, valued at $31,562,658.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Surendra Babu Mandava sold 4,235 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $64.87, for a total value of $274,724.45. Following the completion of the transaction, the insider now owns 305,888 shares of the company’s stock, valued at $19,842,954.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 211,645 shares of company stock valued at $13,625,475. Corporate insiders own 2.34% of the company’s stock.

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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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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

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