Cadence Design Systems, Inc. $CDNS Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 29.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 448,561 shares of the software maker’s stock after selling 191,191 shares during the period. California Public Employees Retirement System’s holdings in Cadence Design Systems were worth $138,224,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Saudi Central Bank purchased a new stake in Cadence Design Systems during the 1st quarter worth $27,000. Barrett & Company Inc. acquired a new position in shares of Cadence Design Systems during the second quarter worth about $31,000. E Fund Management Hong Kong Co. Ltd. lifted its stake in shares of Cadence Design Systems by 41.1% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock worth $39,000 after purchasing an additional 37 shares in the last quarter. Princeton Global Asset Management LLC purchased a new stake in shares of Cadence Design Systems in the second quarter worth about $40,000. Finally, Key Financial Inc grew its stake in shares of Cadence Design Systems by 174.5% in the second quarter. Key Financial Inc now owns 129 shares of the software maker’s stock valued at $40,000 after buying an additional 82 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 7,500 shares of the stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $349.16, for a total transaction of $2,618,700.00. Following the transaction, the chief financial officer owned 70,715 shares of the company’s stock, valued at $24,690,849.40. This trade represents a 9.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $334.51, for a total value of $60,211.80. Following the completion of the sale, the director owned 7,830 shares of the company’s stock, valued at $2,619,213.30. This trade represents a 2.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 16,230 shares of company stock valued at $5,499,372 over the last ninety days. 0.37% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CDNS shares. Robert W. Baird boosted their price target on Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. Needham & Company LLC reissued a “buy” rating and set a $390.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 28th. JPMorgan Chase & Co. upped their target price on shares of Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 28th. Finally, BNP Paribas Exane assumed coverage on shares of Cadence Design Systems in a report on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price objective on the stock. Fifteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $379.11.

Cadence Design Systems Stock Up 0.1%

Shares of NASDAQ:CDNS opened at $337.53 on Monday. The firm has a market cap of $91.88 billion, a PE ratio of 86.99, a price-to-earnings-growth ratio of 4.34 and a beta of 1.05. The company has a fifty day simple moving average of $328.46 and a 200 day simple moving average of $329.86. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.14. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The firm’s revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.64 EPS. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS and its Q4 2025 guidance at 1.880-1.940 EPS. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

About Cadence Design Systems

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.