State of Tennessee Department of Treasury Decreases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

State of Tennessee Department of Treasury trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,883 shares of the software maker’s stock after selling 17,355 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Cadence Design Systems were worth $21,598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at $28,000. Avalon Trust Co purchased a new stake in Cadence Design Systems during the 4th quarter valued at about $39,000. Versant Capital Management Inc grew its stake in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems in the fourth quarter valued at about $46,000. Finally, Synergy Investment Management LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth about $50,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on CDNS shares. Mizuho cut their price target on shares of Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Bank of America reduced 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 report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Oppenheimer dropped their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $320.67.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last three months, insiders sold 1,950 shares of company stock worth $518,499. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Up 2.6 %

Shares of NASDAQ:CDNS opened at $258.15 on Wednesday. The business’s 50 day moving average price is $255.62 and its 200-day moving average price is $281.96. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The firm has a market capitalization of $70.81 billion, a price-to-earnings ratio of 66.88, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company 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%. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.