Maryland State Retirement & Pension System Raises Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Maryland State Retirement & Pension System increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.9% in the 4th quarter, Holdings Channel reports. The firm owned 21,042 shares of the software maker’s stock after purchasing an additional 394 shares during the period. Maryland State Retirement & Pension System’s holdings in Cadence Design Systems were worth $5,731,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the 3rd quarter valued at $26,000. Valley National Advisers Inc. grew its holdings in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at about $28,000. Rakuten Securities Inc. acquired a new stake in Cadence Design Systems in the 4th quarter valued at about $45,000. Finally, Catalyst Capital Advisors LLC raised its position in Cadence Design Systems by 34.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after purchasing an additional 52 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Piper Sandler reduced their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Robert W. Baird raised their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. KeyCorp upped their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Finally, Wells Fargo & Company increased 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 note on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares in the company, valued at $5,639,372.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 174,566 shares of company stock valued at $52,649,105. 0.62% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded up $3.56 on Monday, reaching $285.19. 1,013,544 shares of the company were exchanged, compared to its average volume of 1,576,163. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The company’s 50-day moving average is $301.65 and its two-hundred day moving average is $282.88. The firm has a market cap of $77.61 billion, a price-to-earnings ratio of 74.27, a P/E/G ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a 1-year low of $198.92 and a 1-year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period last year, the company posted $1.02 EPS. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

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.