Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 222,155 shares of the software maker’s stock after selling 18,706 shares during the period. New York State Teachers Retirement System’s holdings in Cadence Design Systems were worth $66,749,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems during the third quarter worth $28,000. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the fourth quarter valued at $28,000. Versant Capital Management Inc lifted its stake in shares of Cadence Design Systems by 164.2% in 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. Finally, Prestige Wealth Management Group LLC grew its holdings in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the transaction, the vice president now directly owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock worth $33,538,875 over the last 90 days. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $296.16 on Friday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The stock has a market capitalization of $81.23 billion, a PE ratio of 77.73, a PEG ratio of 3.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock has a 50-day simple moving average of $303.70 and a 200-day simple moving average of $285.87.

Analysts Set New Price Targets

CDNS has been the topic of several research analyst reports. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $327.92.

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.