Teacher Retirement System of Texas decreased its position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 18.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 612,857 shares of the software maker’s stock after selling 140,687 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.22% of Cadence Design Systems worth $43,396,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Next Capital Management LLC purchased a new position in shares of Cadence Design Systems during the second quarter worth about $29,000. CWM LLC grew its holdings in shares of Cadence Design Systems by 217.9% during the second quarter. CWM LLC now owns 445 shares of the software maker’s stock worth $32,000 after buying an additional 305 shares during the last quarter. Flagship Harbor Advisors LLC grew its holdings in shares of Cadence Design Systems by 853.6% during the second quarter. Flagship Harbor Advisors LLC now owns 534 shares of the software maker’s stock worth $37,000 after buying an additional 478 shares during the last quarter. Harvest Group Wealth Management LLC purchased a new position in shares of Cadence Design Systems during the first quarter worth about $37,000. Finally, Parallel Advisors LLC grew its holdings in shares of Cadence Design Systems by 29.4% during the first quarter. Parallel Advisors LLC now owns 718 shares of the software maker’s stock worth $46,000 after buying an additional 163 shares during the last quarter. 86.63% of the stock is currently owned by institutional investors.

NASDAQ:CDNS traded up $0.98 during mid-day trading on Wednesday, reaching $69.77. The stock had a trading volume of 776,505 shares, compared to its average volume of 2,065,577. The business has a 50 day simple moving average of $72.78 and a 200 day simple moving average of $65.44. Cadence Design Systems Inc has a twelve month low of $39.08 and a twelve month high of $77.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.52 and a current ratio of 1.60. The firm has a market capitalization of $19.62 billion, a price-to-earnings ratio of 56.72, a PEG ratio of 4.67 and a beta of 1.15.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.02. Cadence Design Systems had a net margin of 18.83% and a return on equity of 31.86%. The company had revenue of $580.42 million during the quarter, compared to the consensus estimate of $579.41 million. During the same period last year, the firm earned $0.45 EPS. The company’s revenue for the quarter was up 12.0% on a year-over-year basis. As a group, sell-side analysts expect that Cadence Design Systems Inc will post 1.48 earnings per share for the current year.

In other news, CEO Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $67.80, for a total transaction of $2,712,000.00. Following the completion of the sale, the chief executive officer now directly owns 899,852 shares in the company, valued at approximately $61,009,965.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Surendra Babu Mandava sold 4,235 shares of Cadence Design Systems stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $64.87, for a total transaction of $274,724.45. Following the sale, 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 quarter, insiders have sold 145,911 shares of company stock valued at $10,322,842. Insiders own 2.34% of the company’s stock.

A number of equities analysts recently issued reports on the company. DA Davidson raised their price target on Cadence Design Systems to $80.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. ValuEngine lowered Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. Wells Fargo & Co initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, May 14th. They issued a “market perform” rating for the company. Credit Suisse Group raised their price objective on shares of Cadence Design Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Finally, Royal Bank of Canada raised their price objective on shares of Cadence Design Systems to $73.00 and gave the company an “outperform” rating in a research report on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Cadence Design Systems has a consensus rating of “Buy” and a consensus target price of $64.25.

Cadence Design Systems Company 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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