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

Maryland State Retirement & Pension System trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,606 shares of the software maker’s stock after selling 1,112 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Cadence Design Systems were worth $4,389,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CDNS. Raymond James Financial Inc. purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $171,991,000. Principal Financial Group Inc. grew its stake in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares during the period. Manning & Napier Advisors LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at $148,594,000. Proficio Capital Partners LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter worth $129,546,000. Finally, Jensen Investment Management Inc. purchased a new position in shares of Cadence Design Systems in the 4th quarter worth about $126,571,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $258.70 on Thursday. The firm has a 50 day moving average of $279.62 and a 200-day moving average of $284.01. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $70.91 billion, a P/E ratio of 67.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations 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, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the topic of several research reports. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Loop Capital lowered their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Robert W. Baird decreased their target price on 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. Oppenheimer dropped their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday. Finally, Rosenblatt Securities lifted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $324.83.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by insiders.

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.