Teachers Retirement System of The State of Kentucky Sells 1,154 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Teachers Retirement System of The State of Kentucky decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,565 shares of the software maker’s stock after selling 1,154 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Cadence Design Systems were worth $16,956,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CDNS. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $27,000. ORG Partners LLC lifted its stake in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $28,000. Prestige Wealth Management Group LLC raised its holdings in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the period. Finally, Chilton Capital Management LLC lifted its stake in Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after purchasing an additional 122 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling

In other news, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the completion of the transaction, the senior vice president now directly owns 16,029 shares in the company, valued at approximately $4,423,683.42. This represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the sale, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. This trade represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,634 shares of company stock worth $1,584,080. Corporate insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Robert W. Baird upped their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Needham & Company LLC cut their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Mizuho began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Trading Up 2.0 %

Shares of NASDAQ:CDNS opened at $308.78 on Thursday. The business’s 50 day simple moving average is $287.32 and its 200 day simple moving average is $285.28. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company has a market capitalization of $84.69 billion, a P/E ratio of 81.04, a P/E/G ratio of 4.17 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the business earned $1.01 earnings per share. Cadence Design Systems’s revenue was up 18.8% on a year-over-year basis. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Cadence Design Systems Company 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.