State Board of Administration of Florida Retirement System Has $18.59 Million Stake in Cadence Design Systems Inc (CDNS)

State Board of Administration of Florida Retirement System reduced its stake in Cadence Design Systems Inc (NASDAQ:CDNS) by 1.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 427,599 shares of the software maker’s stock after selling 8,378 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.15% of Cadence Design Systems worth $18,592,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in CDNS. Vanguard Group Inc lifted its holdings in Cadence Design Systems by 1.0% during the 3rd quarter. Vanguard Group Inc now owns 32,476,936 shares of the software maker’s stock worth $1,471,854,000 after buying an additional 324,296 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Cadence Design Systems by 0.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 22,592,711 shares of the software maker’s stock worth $1,023,900,000 after buying an additional 140,805 shares in the last quarter. BlackRock Inc. lifted its holdings in Cadence Design Systems by 2.0% during the 3rd quarter. BlackRock Inc. now owns 20,689,949 shares of the software maker’s stock worth $937,669,000 after buying an additional 402,733 shares in the last quarter. Pictet Asset Management Ltd. lifted its holdings in Cadence Design Systems by 1.9% during the 3rd quarter. Pictet Asset Management Ltd. now owns 5,355,461 shares of the software maker’s stock worth $242,709,000 after buying an additional 99,437 shares in the last quarter. Finally, Man Group plc lifted its holdings in Cadence Design Systems by 136.0% during the 3rd quarter. Man Group plc now owns 2,630,238 shares of the software maker’s stock worth $119,202,000 after buying an additional 1,515,633 shares in the last quarter. Institutional investors own 87.23% of the company’s stock.

CDNS stock opened at $50.91 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.58 and a current ratio of 1.64. The firm has a market capitalization of $14.36 billion, a PE ratio of 48.03, a P/E/G ratio of 3.35 and a beta of 1.06. Cadence Design Systems Inc has a twelve month low of $35.49 and a twelve month high of $51.01.

Several research analysts have issued reports on the company. Zacks Investment Research downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Monday, February 4th. BidaskClub raised Cadence Design Systems from a “sell” rating to a “hold” rating in a report on Friday, November 23rd. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, November 20th. They set a “hold” rating and a $50.00 price objective on the stock. JPMorgan Chase & Co. raised Cadence Design Systems from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $49.00 to $51.00 in a report on Tuesday, October 23rd. Finally, Benchmark raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a report on Tuesday, October 23rd. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $50.75.

In other news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction on Thursday, January 31st. The stock was sold at an average price of $48.05, for a total value of $4,805,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John B. Shoven sold 50,000 shares of the stock in a transaction on Tuesday, February 5th. The shares were sold at an average price of $50.00, for a total value of $2,500,000.00. Following the completion of the transaction, the director now directly owns 152,120 shares in the company, valued at approximately $7,606,000. The disclosure for this sale can be found here. In the last three months, insiders sold 173,208 shares of company stock worth $8,418,984. 2.28% of the stock is currently owned by company insiders.

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About Cadence Design Systems

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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