Cadence Design Systems Inc (CDNS) Shares Bought by Arizona State Retirement System

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Arizona State Retirement System lifted its stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 29.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 170,433 shares of the software maker’s stock after buying an additional 38,622 shares during the quarter. Arizona State Retirement System’s holdings in Cadence Design Systems were worth $7,381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Campbell & CO Investment Adviser LLC purchased a new position in shares of Cadence Design Systems during the first quarter valued at about $204,000. Intact Investment Management Inc. purchased a new position in shares of Cadence Design Systems during the first quarter valued at about $206,000. United Capital Financial Advisers LLC purchased a new position in shares of Cadence Design Systems during the first quarter valued at about $206,000. Thompson Siegel & Walmsley LLC increased its position in shares of Cadence Design Systems by 114.8% during the first quarter. Thompson Siegel & Walmsley LLC now owns 5,800 shares of the software maker’s stock valued at $213,000 after buying an additional 3,100 shares during the period. Finally, Point72 Asia Hong Kong Ltd increased its position in shares of Cadence Design Systems by 32,672.2% during the first quarter. Point72 Asia Hong Kong Ltd now owns 5,899 shares of the software maker’s stock valued at $217,000 after buying an additional 5,881 shares during the period. Institutional investors own 87.17% of the company’s stock.

In other news, CFO John M. Wall sold 750 shares of the stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $44.14, for a total transaction of $33,105.00. Following the sale, the chief financial officer now owns 119,274 shares in the company, valued at $5,264,754.36. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director James D. Plummer sold 7,500 shares of the stock in a transaction that occurred on Thursday, July 26th. The shares were sold at an average price of $46.49, for a total transaction of $348,675.00. Following the sale, the director now owns 21,526 shares in the company, valued at approximately $1,000,743.74. The disclosure for this sale can be found here. In the last 90 days, insiders sold 309,000 shares of company stock worth $13,944,605. Corporate insiders own 2.28% of the company’s stock.

Shares of CDNS opened at $45.40 on Wednesday. The stock has a market capitalization of $12.78 billion, a price-to-earnings ratio of 42.83, a price-to-earnings-growth ratio of 3.78 and a beta of 1.14. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.26 and a current ratio of 1.30. Cadence Design Systems Inc has a fifty-two week low of $35.49 and a fifty-two week high of $46.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 23rd. The software maker reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.05. The business had revenue of $518.40 million for the quarter, compared to analysts’ expectations of $514.94 million. Cadence Design Systems had a net margin of 10.62% and a return on equity of 28.38%. The business’s revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.34 earnings per share. equities analysts predict that Cadence Design Systems Inc will post 1 earnings per share for the current year.

Several brokerages recently issued reports on CDNS. BidaskClub cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, July 31st. Zacks Investment Research cut shares of Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 26th. JPMorgan Chase & Co. upped their price objective on shares of Cadence Design Systems from $42.00 to $49.00 and gave the stock a “market perform” rating in a report on Tuesday, July 24th. Credit Suisse Group upped their price objective on shares of Cadence Design Systems from $44.00 to $46.00 and gave the stock a “neutral” rating in a report on Tuesday, July 24th. Finally, Needham & Company LLC upped their price objective on shares of Cadence Design Systems from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 24th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $48.43.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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