Illinois Municipal Retirement Fund Purchases 4,623 Shares of Cadence Design Systems, Inc. $CDNS

Illinois Municipal Retirement Fund increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.5% during the 3rd quarter, Holdings Channel reports. The firm owned 27,198 shares of the software maker’s stock after acquiring an additional 4,623 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Cadence Design Systems were worth $8,980,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CDNS. Van ECK Associates Corp lifted its holdings in shares of Cadence Design Systems by 21.8% in the 2nd quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock worth $1,835,227,000 after buying an additional 874,392 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Cadence Design Systems by 1.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock valued at $1,270,704,000 after buying an additional 48,937 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Cadence Design Systems by 1,097.5% during the third quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock valued at $930,522,000 after buying an additional 2,582,812 shares during the period. Pictet Asset Management Holding SA raised its holdings in shares of Cadence Design Systems by 118.5% in the third quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker’s stock valued at $908,709,000 after acquiring an additional 1,493,024 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Cadence Design Systems in the second quarter valued at about $702,615,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In related news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $320.88, for a total transaction of $401,100.00. Following the completion of the transaction, the director owned 40,794 shares in the company, valued at $13,089,978.72. The trade was a 2.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $323.32, for a total transaction of $646,640.00. Following the sale, the vice president directly owned 124,586 shares of the company’s stock, valued at $40,281,145.52. The trade was a 1.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 11,736 shares of company stock worth $3,772,365. 0.49% of the stock is owned by corporate insiders.

Key Headlines Impacting Cadence Design Systems

Here are a few of the latest headlines about CDNS:

• Positive Sentiment: Cadence’s new Edge AI subsystem and OrCAD Xplore launch highlight continued product development and may support demand for its design tools. Edge AI subsystem article OrCAD Xplore article
• Neutral Sentiment: Options-market implied volatility has risen, signaling greater expectations of price movement but not indicating whether traders anticipate gains or losses. Options volatility article
• Negative Sentiment: One commentary warns CDNS could be overvalued despite the AI design-platform news, raising the risk that positive product developments are already reflected in the stock’s valuation. Valuation commentary

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $333.32 on Friday. The stock’s 50-day moving average is $320.47 and its 200 day moving average is $327.74. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $416.69. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18. The company has a market cap of $91.46 billion, a P/E ratio of 66.27, a PEG ratio of 3.12 and a beta of 1.10.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The firm’s revenue was up 22.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.93 earnings per share. Research analysts predict that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CDNS shares. Needham & Company LLC increased their target price on shares of Cadence Design Systems from $400.00 to $430.00 and gave the stock a “buy” rating in a report on Tuesday, October 27th. Bank of America boosted their price target on shares of Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Citigroup upped their price target on shares of Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Rothschild & Co Redburn increased their price objective on shares of Cadence Design Systems from $385.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $420.00 to $440.00 and gave the company an “outperform” rating in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $410.05.

Cadence Design Systems Profile

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.