Strs Ohio Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Strs Ohio lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 77,154 shares of the software maker’s stock after selling 3,854 shares during the quarter. Strs Ohio’s holdings in Cadence Design Systems were worth $21,014,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CDNS. Cibc World Market Inc. grew its holdings in shares of Cadence Design Systems by 2.7% during the first quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after buying an additional 571 shares during the last quarter. Prudential PLC acquired a new stake in Cadence Design Systems in the first quarter valued at about $1,160,000. Loomis Sayles & Co. L P lifted its position in Cadence Design Systems by 1,030.1% in the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock valued at $457,000 after purchasing an additional 2,534 shares during the period. Zions Bancorporation N.A. lifted its position in Cadence Design Systems by 108.3% in the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after purchasing an additional 117 shares during the period. Finally, NewEdge Advisors LLC lifted its position in Cadence Design Systems by 26.8% in the first quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after purchasing an additional 3,433 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, CFO John M. Wall sold 36,000 shares of the company’s stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $277.46, for a total value of $9,988,560.00. Following the sale, the chief financial officer now owns 80,594 shares in the company, valued at approximately $22,361,611.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Wall sold 36,000 shares of the business’s stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the sale, the chief financial officer now directly owns 80,594 shares of the company’s stock, valued at approximately $22,361,611.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 212,044 shares of company stock worth $63,106,522. 0.62% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $300.81 on Wednesday. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $81.89 billion, a price-to-earnings ratio of 78.75, a PEG ratio of 3.72 and a beta of 1.04. The firm’s fifty day simple moving average is $306.73 and its 200 day simple moving average is $279.25.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the business posted $0.75 EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of recent analyst reports. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a research report on Tuesday, February 13th. KeyCorp raised their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Piper Sandler began coverage on Cadence Design Systems in a research report on Thursday, April 4th. They set a “neutral” rating and a $334.00 price objective for the company. Finally, Stifel Nicolaus lifted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $316.10.

Cadence Design Systems 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.