State of Alaska Department of Revenue Trims Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

State of Alaska Department of Revenue decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 69,144 shares of the software maker’s stock after selling 8,565 shares during the period. State of Alaska Department of Revenue’s holdings in Cadence Design Systems were worth $21,521,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Cadence Design Systems by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after acquiring an additional 384,637 shares in the last quarter. Norges Bank bought a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $1,141,059,000. Nordea Investment Management AB raised its stake in shares of Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after acquiring an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Cadence Design Systems by 143.3% during 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 in the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of Cadence Design Systems by 20.2% during the 4th quarter. Van ECK Associates Corp now owns 1,583,529 shares of the software maker’s stock worth $431,306,000 after acquiring an additional 265,943 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded down $1.31 during trading hours on Wednesday, hitting $315.47. The company’s stock had a trading volume of 673,152 shares, compared to its average volume of 1,551,754. The company has a 50 day moving average of $295.72 and a 200 day moving average of $294.56. The stock has a market cap of $85.94 billion, a PE ratio of 82.15, a price-to-earnings-growth ratio of 3.77 and a beta of 1.03. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released 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 business 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 earned $1.02 EPS. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, May 17th. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research note on Tuesday. Wells Fargo & Company boosted 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 report on Tuesday, April 16th. Bank of America boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, KeyCorp boosted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $334.89.

Insider Buying and Selling

In related news, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the transaction, the senior vice president now directly owns 19,280 shares in the company, valued at $5,933,420. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,134 shares of company stock valued at $14,978,483. Corporate insiders own 0.62% of the company’s stock.

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.