Teachers Retirement System of The State of Kentucky Makes New $12.93 Million Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 79,098 shares of the software maker’s stock, valued at approximately $12,927,000.

A number of other institutional investors have also recently made changes to their positions in CDNS. State Street Corp boosted its stake in Cadence Design Systems by 0.4% in the 3rd quarter. State Street Corp now owns 11,221,528 shares of the software maker’s stock worth $1,833,934,000 after purchasing an additional 45,444 shares in the last quarter. FMR LLC raised its holdings in shares of Cadence Design Systems by 4.7% in the second quarter. FMR LLC now owns 10,344,233 shares of the software maker’s stock worth $1,551,944,000 after buying an additional 462,306 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Cadence Design Systems by 98.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 5,419,304 shares of the software maker’s stock worth $885,753,000 after buying an additional 2,685,677 shares during the last quarter. Brown Advisory Inc. lifted its stake in shares of Cadence Design Systems by 7.5% during the third quarter. Brown Advisory Inc. now owns 2,775,800 shares of the software maker’s stock worth $453,649,000 after buying an additional 193,307 shares during the period. Finally, Pictet Asset Management SA grew its holdings in shares of Cadence Design Systems by 6.7% during the third quarter. Pictet Asset Management SA now owns 2,502,844 shares of the software maker’s stock valued at $408,944,000 after buying an additional 158,235 shares during the last quarter. Institutional investors and hedge funds own 84.06% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $207.82 on Friday. The company has a market capitalization of $56.72 billion, a PE ratio of 67.26, a price-to-earnings-growth ratio of 2.58 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.17 and a current ratio of 1.27. The company’s fifty day moving average price is $186.91 and its 200 day moving average price is $170.67. Cadence Design Systems, Inc. has a 1 year low of $132.32 and a 1 year high of $209.28.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last posted its earnings results on Monday, February 13th. The software maker reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.04. Cadence Design Systems had a net margin of 23.83% and a return on equity of 33.89%. The business had revenue of $899.88 million for the quarter, compared to analyst estimates of $884.23 million. During the same period in the prior year, the company posted $0.67 EPS. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. On average, research analysts predict that Cadence Design Systems, Inc. will post 3.98 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Lip Bu Tan sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 21st. The stock was sold at an average price of $164.55, for a total transaction of $6,582,000.00. Following the completion of the transaction, the insider now directly owns 956,936 shares of the company’s stock, valued at approximately $157,463,818.80. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CFO John M. Wall sold 37,260 shares of Cadence Design Systems stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $199.88, for a total value of $7,447,528.80. Following the sale, the chief financial officer now directly owns 120,740 shares in the company, valued at approximately $24,133,511.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Lip Bu Tan sold 40,000 shares of the stock in a transaction that occurred on Wednesday, December 21st. The shares were sold at an average price of $164.55, for a total value of $6,582,000.00. Following the transaction, the insider now directly owns 956,936 shares of the company’s stock, valued at approximately $157,463,818.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 244,376 shares of company stock worth $45,293,036. 1.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Bank of America raised their target price on Cadence Design Systems from $205.00 to $225.00 and gave the stock a “buy” rating in a research note on Tuesday, February 14th. Robert W. Baird raised their price objective on Cadence Design Systems from $206.00 to $215.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 14th. Rosenblatt Securities upped their target price on Cadence Design Systems from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, February 14th. KeyCorp raised their price target on shares of Cadence Design Systems from $215.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 14th. Finally, StockNews.com started coverage on shares of Cadence Design Systems in a report on Thursday. They issued a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $211.55.

Cadence Design Systems Company Profile

(Get Rating)

Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: United States, Other Americas, China, Other Asia, Europe, Middle East and Africa and Japan.