State of Michigan Retirement System Has $24.29 Million Stock Position in Cadence Design Systems, Inc. $CDNS

State of Michigan Retirement System lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 78,823 shares of the software maker’s stock after selling 500 shares during the quarter. State of Michigan Retirement System’s holdings in Cadence Design Systems were worth $24,289,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Costello Asset Management INC acquired a new position in Cadence Design Systems during the 1st quarter worth approximately $25,000. Saudi Central Bank acquired a new stake in shares of Cadence Design Systems in the 1st quarter valued at approximately $27,000. Barrett & Company Inc. acquired a new stake in shares of Cadence Design Systems in the 2nd quarter valued at approximately $31,000. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of Cadence Design Systems by 41.1% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock valued at $39,000 after buying an additional 37 shares during the last quarter. Finally, Princeton Global Asset Management LLC acquired a new stake in shares of Cadence Design Systems in the 2nd quarter valued at approximately $40,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.8%

Shares of Cadence Design Systems stock opened at $338.69 on Monday. The business has a fifty day simple moving average of $346.26 and a two-hundred day simple moving average of $326.42. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The company has a market capitalization of $92.19 billion, a price-to-earnings ratio of 87.29, a P/E/G ratio of 4.55 and a beta of 0.99. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.67.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.14. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the firm posted $1.64 EPS. The company’s quarterly revenue was up 10.1% on a year-over-year basis. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS. Q4 2025 guidance at 1.880-1.940 EPS. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several recent analyst reports. Wells Fargo & Company increased their price objective on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Wall Street Zen downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. BNP Paribas initiated coverage on Cadence Design Systems in a report on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price objective for the company. Piper Sandler reissued a “neutral” rating and issued a $355.00 price objective (up previously from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. Finally, The Goldman Sachs Group initiated coverage on Cadence Design Systems in a report on Thursday, July 10th. They issued a “buy” rating and a $380.00 price objective for the company. Fourteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $376.00.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total transaction of $60,211.80. Following the transaction, the director owned 7,830 shares in the company, valued at $2,619,213.30. This trade represents a 2.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $348.27, for a total value of $348,270.00. Following the transaction, the vice president owned 99,672 shares in the company, valued at $34,712,767.44. The trade was a 0.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 9,680 shares of company stock valued at $3,371,132 in the last quarter. 1.99% of the stock is currently owned by 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.