Public Employees Retirement Association of Colorado Sells 941 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Public Employees Retirement Association of Colorado decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,823 shares of the software maker’s stock after selling 941 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Cadence Design Systems were worth $11,640,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its position in Cadence Design Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after purchasing an additional 437,101 shares during the last quarter. Jennison Associates LLC grew its position in Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after buying an additional 459,603 shares in the last quarter. Van ECK Associates Corp increased its stake in Cadence Design Systems by 10.5% during the second quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock valued at $675,731,000 after acquiring an additional 209,301 shares during the period. Nordea Investment Management AB lifted its position in shares of Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after acquiring an additional 145,351 shares during the period. Finally, Swedbank AB grew its holdings in shares of Cadence Design Systems by 7.8% during the 2nd quarter. Swedbank AB now owns 1,523,142 shares of the software maker’s stock worth $468,747,000 after purchasing an additional 109,662 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at $29,179,582.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the transaction, the senior vice president now owns 19,280 shares in the company, valued at approximately $5,933,420. The disclosure for this sale can be found here. Insiders have sold 38,272 shares of company stock valued at $10,833,362 over the last 90 days. 1.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several research reports. Bank of America raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Robert W. Baird cut their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $273.76 on Friday. Cadence Design Systems, Inc. has a 52 week low of $227.05 and a 52 week high of $328.99. The firm has a market cap of $74.58 billion, a P/E ratio of 71.29, a P/E/G ratio of 3.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The business’s fifty day moving average is $269.55 and its two-hundred day moving average is $290.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the company posted $0.94 EPS. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

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