Mutual of America Capital Management LLC Has $11.85 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mutual of America Capital Management LLC raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.0% during the second quarter, HoldingsChannel.com reports. The fund owned 38,519 shares of the software maker’s stock after buying an additional 2,849 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Cadence Design Systems were worth $11,854,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Swedbank AB acquired a new position in shares of Cadence Design Systems during the 1st quarter valued at $439,988,000. Principal Financial Group Inc. increased its stake in Cadence Design Systems by 280.1% in the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after purchasing an additional 1,119,824 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after purchasing an additional 468,195 shares during the period. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its stake in shares of Cadence Design Systems by 111.5% in the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock valued at $266,583,000 after buying an additional 451,530 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Chin-Chi Teng sold 10,000 shares of the 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 in the company, valued at $29,179,582.72. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at $29,179,582.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Karna Nisewaner sold 600 shares of the firm’s 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 sale, the senior vice president now owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. 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 quarter. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $269.69 on Thursday. The firm has a 50-day moving average of $271.06 and a 200-day moving average of $290.86. The company 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. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a one year low of $227.05 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.94 earnings per share. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on CDNS. KeyCorp increased 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. 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 report on Tuesday, July 23rd. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

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.