Retirement Systems of Alabama Has $18.05 Million Stock Position in Cadence Design Systems, Inc. $CDNS

Retirement Systems of Alabama reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 58,588 shares of the software maker’s stock after selling 350 shares during the quarter. Retirement Systems of Alabama’s holdings in Cadence Design Systems were worth $18,054,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nuveen LLC acquired a new position in Cadence Design Systems in the first quarter valued at approximately $289,744,000. Jennison Associates LLC lifted its stake in Cadence Design Systems by 13.2% in the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock valued at $2,305,489,000 after buying an additional 1,054,702 shares during the period. Assenagon Asset Management S.A. lifted its stake in Cadence Design Systems by 466.4% in the second quarter. Assenagon Asset Management S.A. now owns 786,849 shares of the software maker’s stock valued at $242,468,000 after buying an additional 647,931 shares during the period. Vanguard Group Inc. lifted its stake in Cadence Design Systems by 1.7% in the first quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock valued at $6,698,834,000 after buying an additional 429,955 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Cadence Design Systems by 7.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,729,026 shares of the software maker’s stock valued at $1,202,733,000 after buying an additional 312,757 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total transaction of $60,211.80. Following the completion of the sale, the director owned 7,830 shares in the company, valued at approximately $2,619,213.30. This represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $348.27, for a total value of $348,270.00. Following the sale, the vice president owned 99,672 shares of the company’s stock, valued at $34,712,767.44. This trade represents a 0.99% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 9,680 shares of company stock worth $3,371,132. 1.99% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on CDNS shares. Robert W. Baird boosted their price target on Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a research note on Tuesday. Wall Street Zen lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. BNP Paribas Exane started coverage on Cadence Design Systems in a research note on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price target on the stock. Berenberg Bank set a $400.00 price target on Cadence Design Systems in a research note on Wednesday, July 30th. Finally, Rosenblatt Securities boosted their price target on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research note on Tuesday. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $376.00.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $338.69 on Friday. The company has a quick ratio of 2.67, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The stock’s 50 day moving average is $346.26 and its 200-day moving average is $325.52. The firm has a market capitalization of $92.29 billion, a price-to-earnings ratio of 87.29, a PEG ratio of 4.55 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.14. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the firm earned $1.64 earnings per share. Cadence Design Systems’s revenue for the quarter was up 10.1% on a year-over-year basis. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS. Q4 2025 guidance at 1.880-1.940 EPS. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.