Oregon Public Employees Retirement Fund Has $7.06 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Oregon Public Employees Retirement Fund lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,492 shares of the software maker’s stock after purchasing an additional 86 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Cadence Design Systems were worth $7,058,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Lake Street Advisors Group LLC lifted its stake in shares of Cadence Design Systems by 3.6% in the 4th quarter. Lake Street Advisors Group LLC now owns 2,655 shares of the software maker’s stock valued at $798,000 after purchasing an additional 93 shares during the last quarter. Kirtland Hills Capital Management LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at $246,000. LGL Partners LLC acquired a new position in Cadence Design Systems during the 4th quarter worth $224,000. FFT Wealth Management LLC acquired a new position in Cadence Design Systems during the 4th quarter worth $407,000. Finally, Los Angeles Capital Management LLC lifted its position in Cadence Design Systems by 8,929.3% during the 4th quarter. Los Angeles Capital Management LLC now owns 262,121 shares of the software maker’s stock worth $78,757,000 after acquiring an additional 259,218 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of research analyst reports. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Piper Sandler boosted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Robert W. Baird cut their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Needham & Company LLC reissued a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Finally, Bank of America cut their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $254.38 on Thursday. The stock has a market cap of $69.73 billion, a P/E ratio of 65.90, a PEG ratio of 3.88 and a beta of 1.03. The company’s 50-day simple moving average is $297.15 and its 200 day simple moving average is $286.99. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,538,875 over the last quarter. 1.99% of the stock is owned by company insiders.

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.