Maryland State Retirement & Pension System Acquires 394 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Maryland State Retirement & Pension System raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,042 shares of the software maker’s stock after purchasing an additional 394 shares during the period. Maryland State Retirement & Pension System’s holdings in Cadence Design Systems were worth $5,731,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Jennison Associates LLC increased its position in Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after acquiring an additional 564,085 shares during the period. Northern Trust Corp grew its stake in Cadence Design Systems by 5.6% during the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after purchasing an additional 158,031 shares during the period. Invesco Ltd. lifted its stake in Cadence Design Systems by 4.9% in the third quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after buying an additional 93,984 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after acquiring an additional 962,987 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on CDNS. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Piper Sandler reduced their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Finally, KeyCorp lifted their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $326.11.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the transaction, the director now owns 22,923 shares in the company, valued at approximately $7,229,914.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director James D. Plummer sold 2,412 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now owns 22,923 shares in the company, valued at approximately $7,229,914.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction 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 90 days, insiders have sold 174,566 shares of company stock worth $52,649,105. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Up 1.3 %

NASDAQ:CDNS traded up $3.56 during midday trading on Monday, reaching $285.19. 1,013,544 shares of the stock traded hands, compared to its average volume of 1,576,163. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The company has a fifty day moving average of $301.65 and a 200 day moving average of $282.88. The stock has a market capitalization of $77.61 billion, a P/E ratio of 74.27, a PEG ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a 12 month low of $198.92 and a 12 month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the firm posted $1.02 EPS. Cadence Design Systems’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

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.