California Public Employees Retirement System Has $115.83 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

California Public Employees Retirement System trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 846,600 shares of the software maker’s stock after selling 17,205 shares during the quarter. California Public Employees Retirement System’s holdings in Cadence Design Systems were worth $115,832,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CDNS. Neuberger Berman Group LLC boosted its stake in shares of Cadence Design Systems by 12,032.6% during the first quarter. Neuberger Berman Group LLC now owns 1,767,967 shares of the software maker’s stock valued at $242,093,000 after purchasing an additional 1,753,395 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Cadence Design Systems by 35.0% during the first quarter. Janus Henderson Group PLC now owns 3,511,427 shares of the software maker’s stock valued at $481,050,000 after purchasing an additional 909,820 shares in the last quarter. FMR LLC boosted its stake in shares of Cadence Design Systems by 9.9% during the second quarter. FMR LLC now owns 9,797,196 shares of the software maker’s stock valued at $1,340,453,000 after purchasing an additional 883,290 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Cadence Design Systems by 1,223.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 684,088 shares of the software maker’s stock valued at $93,713,000 after purchasing an additional 632,411 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Cadence Design Systems by 29.1% during the second quarter. The Manufacturers Life Insurance Company now owns 2,608,614 shares of the software maker’s stock worth $356,910,000 after acquiring an additional 588,488 shares during the last quarter. 83.23% of the stock is currently owned by hedge funds and other institutional investors.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 50,000 shares of the business’s stock in a transaction on Monday, August 16th. The stock was sold at an average price of $151.56, for a total value of $7,578,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Friday, July 23rd. The shares were sold at an average price of $143.59, for a total value of $143,590.00. Following the transaction, the vice president now directly owns 98,521 shares in the company, valued at approximately $14,146,630.39. The disclosure for this sale can be found here. In the last three months, insiders sold 131,682 shares of company stock worth $20,815,254. Insiders own 2.31% of the company’s stock.

Shares of NASDAQ:CDNS opened at $153.50 on Thursday. The stock has a market cap of $42.49 billion, a price-to-earnings ratio of 63.17, a PEG ratio of 5.68 and a beta of 1.03. The company has a quick ratio of 1.47, a current ratio of 1.57 and a debt-to-equity ratio of 0.14. Cadence Design Systems, Inc. has a 12-month low of $105.93 and a 12-month high of $168.61. The business’s 50 day moving average is $157.52 and its 200 day moving average is $142.88.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Sunday, July 25th. The software maker reported $0.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.10. Cadence Design Systems had a return on equity of 28.93% and a net margin of 23.47%. The company had revenue of $728.29 million for the quarter, compared to analysts’ expectations of $715.77 million. During the same quarter in the previous year, the firm earned $0.66 earnings per share. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 2.52 earnings per share for the current year.

A number of brokerages have recently issued reports on CDNS. Robert W. Baird restated an “outperform” rating and set a $144.97 price objective (down from $160.00) on shares of Cadence Design Systems in a research report on Tuesday, July 27th. Rosenblatt Securities began coverage on Cadence Design Systems in a research report on Friday, September 17th. They set a “buy” rating and a $173.00 price objective for the company. Westpark Capital began coverage on Cadence Design Systems in a research report on Thursday, July 15th. They set a “buy” rating and a $168.00 price objective for the company. KeyCorp raised their price objective on Cadence Design Systems from $162.00 to $166.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 27th. Finally, Wells Fargo & Company set a $137.72 price objective on Cadence Design Systems and gave the stock a “buy” rating in a research report on Wednesday, July 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $150.76.

Cadence Design Systems Company Profile

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. The company was founded by Alberto Sangiovanni-Vincentelli, Gudmundur A.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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