New York State Teachers Retirement System Decreases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

New York State Teachers Retirement System trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 222,155 shares of the software maker’s stock after selling 18,706 shares during the period. New York State Teachers Retirement System owned approximately 0.08% of Cadence Design Systems worth $66,749,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Golden State Wealth Management LLC purchased a new position in Cadence Design Systems during the fourth quarter worth $28,000. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems during the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems during the 3rd quarter valued at about $28,000. Versant Capital Management Inc raised its position in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC boosted its position in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock worth $33,538,875. Insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Finally, Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $327.92.

Cadence Design Systems Stock Up 0.7 %

Shares of NASDAQ CDNS opened at $296.16 on Friday. The firm has a market cap of $81.23 billion, a price-to-earnings ratio of 77.73, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03. The company’s 50-day simple moving average is $303.70 and its 200-day simple moving average is $285.87. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99.

About Cadence Design Systems

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.