Kentucky Retirement Systems Cuts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Kentucky Retirement Systems lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.7% in the 2nd quarter, Holdings Channel.com reports. The fund owned 20,507 shares of the software maker’s stock after selling 154 shares during the quarter. Kentucky Retirement Systems’ holdings in Cadence Design Systems were worth $6,311,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CDNS. Ulland Investment Advisors LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter worth $25,000. RiverPark Advisors LLC purchased a new stake in shares of Cadence Design Systems during the first quarter valued at $26,000. ORG Partners LLC increased its holdings in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares in the last quarter. Annapolis Financial Services LLC purchased a new position in Cadence Design Systems in the 1st quarter worth about $32,000. Finally, Hollencrest Capital Management lifted its stake in Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after acquiring an additional 102 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $269.69 on Thursday. The stock’s fifty day moving average is $271.06 and its 200 day moving average is $290.86. Cadence Design Systems, Inc. has a one year low of $227.05 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock has a market cap of $73.47 billion, a P/E ratio of 70.23, a P/E/G ratio of 3.19 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share 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 return on equity of 29.54% and a net margin of 25.36%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 EPS. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Karna Nisewaner sold 659 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 transaction of $181,870.82. Following the sale, the senior vice president now directly owns 16,029 shares in the company, valued at approximately $4,423,683.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the sale, the senior vice president now directly owns 16,029 shares in the company, valued at approximately $4,423,683.42. The disclosure for this sale can be found here. Insiders sold a total of 36,772 shares of company stock worth $10,419,392 over the last three months. 1.99% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of research analyst reports. Robert W. Baird reduced 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 research note on Tuesday, July 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. KeyCorp increased their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems 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.