State of New Jersey Common Pension Fund D Cuts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

State of New Jersey Common Pension Fund D trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 35.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 98,838 shares of the software maker’s stock after selling 55,294 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Cadence Design Systems were worth $30,417,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CDNS. Ulland Investment Advisors LLC purchased a new stake in Cadence Design Systems during the first quarter valued at approximately $25,000. RiverPark Advisors LLC purchased a new stake in shares of Cadence Design Systems during the 1st quarter valued at $26,000. ORG Partners LLC lifted its holdings in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Annapolis Financial Services LLC purchased a new position in Cadence Design Systems during the 1st quarter worth $32,000. Finally, Union Savings Bank acquired a new position in Cadence Design Systems during the 4th quarter valued at about $33,000. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. KeyCorp raised their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Robert W. Baird decreased their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Finally, Bank of America increased their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Stock Up 2.0 %

CDNS opened at $269.90 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a fifty-two week low of $227.05 and a fifty-two week high of $328.99. The company has a fifty day moving average of $274.81 and a two-hundred day moving average of $291.88. The stock has a market capitalization of $73.53 billion, a price-to-earnings ratio of 70.29, a PEG ratio of 2.98 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.94 EPS. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the transaction, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at $5,933,420. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the transaction, the senior vice president now directly owns 19,280 shares in the company, valued at $5,933,420. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,113 shares of company stock valued at $10,237,521. 1.99% of the stock is owned by corporate insiders.

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.