Today, Cadence Design Systems Inc. (CDNS) Stake Decreased by Public Employees Retirement Association of Colorado

Today, Cadence Design Systems Inc. (CDNS) Stake Decreased by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado cut its stake in Cadence Design Systems Inc. (NASDAQ:CDNS) by 4.6% during the third quarter, Holdings Channel reports. The institutional investor owned 68,855 shares of the company’s stock after selling 3,320 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Cadence Design Systems were worth $1,758,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Janus Capital Management LLC boosted its stake in Cadence Design Systems by 2.7% in the second quarter. Janus Capital Management LLC now owns 24,933,485 shares of the company’s stock valued at $605,884,000 after buying an additional 661,125 shares during the period. Vanguard Group Inc. boosted its stake in Cadence Design Systems by 4.4% in the second quarter. Vanguard Group Inc. now owns 23,490,462 shares of the company’s stock valued at $570,818,000 after buying an additional 983,954 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Cadence Design Systems by 1.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 21,992,313 shares of the company’s stock valued at $534,413,000 after buying an additional 262,224 shares during the period. BlackRock Fund Advisors boosted its stake in Cadence Design Systems by 16.4% in the second quarter. BlackRock Fund Advisors now owns 12,744,431 shares of the company’s stock valued at $309,690,000 after buying an additional 1,794,226 shares during the period. Finally, State Street Corp boosted its stake in Cadence Design Systems by 18.7% in the second quarter. State Street Corp now owns 9,325,823 shares of the company’s stock valued at $226,621,000 after buying an additional 1,469,338 shares during the period. Hedge funds and other institutional investors own 86.68% of the company’s stock.

Shares of Cadence Design Systems Inc. (NASDAQ:CDNS) traded up 1.02% during trading on Friday, reaching $26.76. The company’s stock had a trading volume of 706,323 shares. Cadence Design Systems Inc. has a one year low of $18.32 and a one year high of $28.00. The company has a 50-day moving average price of $25.72 and a 200-day moving average price of $25.02. The stock has a market cap of $7.67 billion, a price-to-earnings ratio of 32.52 and a beta of 1.00.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 24th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.02. The business had revenue of $446.20 million for the quarter, compared to analysts’ expectations of $446.71 million. Cadence Design Systems had a return on equity of 23.13% and a net margin of 13.70%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.28 EPS. On average, equities research analysts forecast that Cadence Design Systems Inc. will post $1.20 earnings per share for the current fiscal year.

CDNS has been the topic of several recent analyst reports. DA Davidson upgraded shares of Cadence Design Systems from a “neutral” rating to a “buy” rating and lifted their price target for the company from $25.00 to $30.00 in a report on Monday, October 10th. Credit Suisse Group AG initiated coverage on shares of Cadence Design Systems in a report on Wednesday, October 19th. They issued a “neutral” rating and a $25.00 price target on the stock. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $26.94.

In related news, insider Thomas P. Beckley sold 58,646 shares of the stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $25.00, for a total transaction of $1,466,150.00. Following the sale, the insider now owns 305,048 shares in the company, valued at approximately $7,626,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction on Monday, October 17th. The shares were sold at an average price of $25.99, for a total value of $2,599,000.00. Following the sale, the chief executive officer now owns 466,665 shares in the company, valued at approximately $12,128,623.35. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

About Cadence Design Systems

Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.

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