Cadence Design Systems, Inc. $CDNS Shares Purchased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,011 shares of the software maker’s stock after acquiring an additional 2,195 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Cadence Design Systems were worth $5,617,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CDNS. Avalon Trust Co acquired a new position in shares of Cadence Design Systems in the 2nd quarter valued at $30,000. Burkett Financial Services LLC acquired a new stake in Cadence Design Systems in the 3rd quarter valued at $30,000. Fiduciary Financial Advisors bought a new stake in Cadence Design Systems in the second quarter valued at $31,000. Balance Wealth Partners LLC bought a new stake in Cadence Design Systems in the third quarter valued at $32,000. Finally, Arlington Trust Co LLC grew its position in Cadence Design Systems by 154.3% in the second quarter. Arlington Trust Co LLC now owns 89 shares of the software maker’s stock valued at $33,000 after acquiring an additional 54 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $333.32 on Friday. The firm has a market cap of $91.46 billion, a P/E ratio of 66.27, a PEG ratio of 3.12 and a beta of 1.10. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.18 and a current ratio of 1.36. Cadence Design Systems, Inc. has a twelve month low of $262.75 and a twelve month high of $416.69. The firm’s 50 day moving average price is $320.47 and its two-hundred day moving average price is $327.74.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The company’s revenue was up 22.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.93 EPS. On average, analysts forecast that Cadence Design Systems, Inc. will post 6.71 EPS for the current fiscal year.

Insider Activity

In other news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the company’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $350.07, for a total value of $437,587.50. Following the sale, the director directly owned 39,544 shares of the company’s stock, valued at approximately $13,843,168.08. This represents a 3.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 2,401 shares of the firm’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $339.00, for a total value of $813,939.00. Following the sale, the vice president directly owned 27,763 shares of the company’s stock, valued at $9,411,657. This represents a 7.96% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 11,736 shares of company stock valued at $3,772,365. 0.49% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on CDNS. Oppenheimer reiterated a “market perform” rating and set a $300.00 target price (up from $275.00) on shares of Cadence Design Systems in a research report on Tuesday, July 28th. KeyCorp reiterated an “overweight” rating on shares of Cadence Design Systems in a report on Tuesday, October 27th. Rothschild & Co Redburn raised their price objective on shares of Cadence Design Systems from $385.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. FBN Securities assumed coverage on shares of Cadence Design Systems in a report on Friday, September 11th. They set an “outperform” rating and a $375.00 target price for the company. Finally, Mizuho set a $400.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $410.05.

Cadence Design Systems News Summary

Here’s some of the latest news about CDNS:

• Positive Sentiment: Cadence’s new Edge AI subsystem and OrCAD Xplore launch highlight continued product development and may support demand for its design tools. Edge AI subsystem article OrCAD Xplore article
• Neutral Sentiment: Director Lewis Chew sold 375 shares, while VP Paul Scannell sold 2,401 shares under a pre-arranged Rule 10b5-1 plan. Insider sales can draw attention, though the planned nature of Scannell’s transaction makes it less clearly a signal about near-term prospects. Chew SEC filing Scannell SEC filing
• Negative Sentiment: One commentary warns CDNS could be overvalued despite the AI design-platform news, raising the risk that positive product developments are already reflected in the stock’s valuation. Valuation commentary

Cadence Design Systems Profile

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.