Illinois Municipal Retirement Fund Has $26.53 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Illinois Municipal Retirement Fund cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 86,190 shares of the software maker’s stock after selling 6,444 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Cadence Design Systems were worth $26,525,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Cullen Frost Bankers Inc. boosted its holdings in Cadence Design Systems by 32.4% in the second quarter. Cullen Frost Bankers Inc. now owns 1,986 shares of the software maker’s stock valued at $611,000 after acquiring an additional 486 shares during the last quarter. Hanlon Investment Management Inc. boosted its stake in shares of Cadence Design Systems by 4.6% in the 2nd quarter. Hanlon Investment Management Inc. now owns 4,956 shares of the software maker’s stock valued at $1,525,000 after purchasing an additional 216 shares during the last quarter. Sivia Capital Partners LLC increased its position in shares of Cadence Design Systems by 21.1% during the second quarter. Sivia Capital Partners LLC now owns 1,114 shares of the software maker’s stock worth $343,000 after buying an additional 194 shares during the period. Lake Street Advisors Group LLC raised its stake in Cadence Design Systems by 2.8% during the second quarter. Lake Street Advisors Group LLC now owns 2,274 shares of the software maker’s stock worth $700,000 after buying an additional 62 shares during the last quarter. Finally, Advisor OS LLC lifted its holdings in Cadence Design Systems by 11.8% in the second quarter. Advisor OS LLC now owns 4,744 shares of the software maker’s stock valued at $1,460,000 after buying an additional 499 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total value of $191,750.00. Following the transaction, the vice president now directly owns 66,494 shares in the company, valued at $19,615,730. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The disclosure for this sale can be found here. Insiders have sold a total of 38,263 shares of company stock valued at $10,892,906 in the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CDNS has been the subject of several research analyst reports. Bank of America lifted their price objective 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. KeyCorp lifted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Finally, Robert W. Baird reduced their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Stock Down 1.3 %

Shares of Cadence Design Systems stock traded down $3.33 on Friday, hitting $247.52. The company had a trading volume of 1,740,196 shares, compared to its average volume of 1,720,919. The stock has a market capitalization of $67.43 billion, a price-to-earnings ratio of 64.46, a P/E/G ratio of 3.24 and a beta of 1.03. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The stock has a 50 day moving average of $279.11 and a 200-day moving average of $292.91.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.94 EPS. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current 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.