Cadence Design Systems Inc (CDNS) Holdings Reduced by Virginia Retirement Systems ET AL

Virginia Retirement Systems ET AL lowered its stake in Cadence Design Systems Inc (NASDAQ:CDNS) by 1.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 389,700 shares of the software maker’s stock after selling 5,100 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Cadence Design Systems were worth $16,944,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CDNS. Oregon Public Employees Retirement Fund lifted its position in Cadence Design Systems by 3,809.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,691,151 shares of the software maker’s stock valued at $62,000 after buying an additional 2,622,317 shares during the last quarter. Parnassus Investments CA lifted its position in shares of Cadence Design Systems by 13.4% during the fourth quarter. Parnassus Investments CA now owns 14,392,128 shares of the software maker’s stock worth $625,770,000 after purchasing an additional 1,697,043 shares in the last quarter. Man Group plc lifted its position in shares of Cadence Design Systems by 136.0% during the third quarter. Man Group plc now owns 2,630,238 shares of the software maker’s stock worth $119,202,000 after purchasing an additional 1,515,633 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth about $41,166,000. Finally, Bank of Montreal Can lifted its position in shares of Cadence Design Systems by 114.0% during the fourth quarter. Bank of Montreal Can now owns 1,773,512 shares of the software maker’s stock worth $77,112,000 after purchasing an additional 944,900 shares in the last quarter. 87.72% of the stock is currently owned by institutional investors.

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NASDAQ:CDNS traded up $2.76 during mid-day trading on Wednesday, hitting $55.40. The stock had a trading volume of 1,367,380 shares, compared to its average volume of 1,488,073. The stock has a market cap of $14.85 billion, a price-to-earnings ratio of 52.26, a price-to-earnings-growth ratio of 3.49 and a beta of 1.06. Cadence Design Systems Inc has a twelve month low of $35.49 and a twelve month high of $52.77. The company has a quick ratio of 1.58, a current ratio of 1.64 and a debt-to-equity ratio of 0.27.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 19th. The software maker reported $0.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.06. The company had revenue of $569.90 million for the quarter, compared to analyst estimates of $550.22 million. Cadence Design Systems had a net margin of 11.25% and a return on equity of 28.44%. The firm’s revenue was up 13.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 earnings per share. On average, equities analysts anticipate that Cadence Design Systems Inc will post 1.16 EPS for the current year.

Several brokerages have recently issued reports on CDNS. DA Davidson increased their price target on shares of Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research report on Wednesday. Needham & Company LLC raised their target price on shares of Cadence Design Systems to $60.00 and gave the company a “buy” rating in a report on Wednesday. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Wednesday, February 13th. BidaskClub cut shares of Cadence Design Systems from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from an “underweight” rating to a “neutral” rating and raised their target price for the company from $49.00 to $51.00 in a report on Tuesday, October 23rd. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $53.75.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $48.05, for a total value of $4,805,000.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Thomas P. Beckley sold 23,208 shares of the stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $48.00, for a total transaction of $1,113,984.00. The disclosure for this sale can be found here. Insiders sold 173,208 shares of company stock worth $8,418,984 over the last quarter. 2.28% of the stock is currently owned by insiders.

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Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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