State of Michigan Retirement System Sells 500 Shares of Cadence Design Systems, Inc. $CDNS

State of Michigan Retirement System trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 78,823 shares of the software maker’s stock after selling 500 shares during the quarter. State of Michigan Retirement System’s holdings in Cadence Design Systems were worth $24,289,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Costello Asset Management INC acquired a new position in Cadence Design Systems during the 1st quarter valued at about $25,000. Saudi Central Bank acquired a new position in Cadence Design Systems in the first quarter valued at approximately $27,000. Barrett & Company Inc. acquired a new position in Cadence Design Systems in the second quarter valued at approximately $31,000. E Fund Management Hong Kong Co. Ltd. boosted its stake in Cadence Design Systems by 41.1% in the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock valued at $39,000 after acquiring an additional 37 shares during the last quarter. Finally, Princeton Global Asset Management LLC bought a new position in Cadence Design Systems in the second quarter valued at approximately $40,000. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $338.69 on Monday. The business has a 50 day simple moving average of $346.26 and a 200 day simple moving average of $326.42. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.67 and a current ratio of 3.05. The stock has a market cap of $92.19 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 posted its earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) 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 business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the business earned $1.64 EPS. Cadence Design Systems’s revenue for the quarter was up 10.1% compared to the same quarter last year. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS. Q4 2025 guidance at 1.880-1.940 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on CDNS. Loop Capital raised their price objective on shares of Cadence Design Systems from $370.00 to $390.00 and gave the company a “buy” rating in a research note on Tuesday, July 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cadence Design Systems in a research note on Wednesday, October 8th. BNP Paribas Exane began coverage on shares of Cadence Design Systems in a research note on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price objective on the stock. KeyCorp reaffirmed an “overweight” rating and issued a $405.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Finally, BNP Paribas started coverage on shares of Cadence Design Systems in a research note on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price objective on the stock. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $376.00.

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.