California State Teachers Retirement System Decreases Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

California State Teachers Retirement System decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 501,663 shares of the software maker’s stock after selling 92,300 shares during the quarter. California State Teachers Retirement System owned about 0.18% of Cadence Design Systems worth $16,800,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CDNS. JPMorgan Chase & Co. lifted its position in shares of Cadence Design Systems by 14.2% in the 1st quarter. JPMorgan Chase & Co. now owns 439,728 shares of the software maker’s stock worth $13,806,000 after acquiring an additional 54,809 shares during the period. Victory Capital Management Inc. lifted its position in shares of Cadence Design Systems by 0.3% in the 1st quarter. Victory Capital Management Inc. now owns 39,348 shares of the software maker’s stock worth $1,236,000 after acquiring an additional 105 shares during the period. Teachers Advisors LLC lifted its position in shares of Cadence Design Systems by 8.2% in the 1st quarter. Teachers Advisors LLC now owns 376,033 shares of the software maker’s stock worth $11,807,000 after acquiring an additional 28,609 shares during the period. Legal & General Group Plc lifted its position in shares of Cadence Design Systems by 39.8% in the 1st quarter. Legal & General Group Plc now owns 453,458 shares of the software maker’s stock worth $14,236,000 after acquiring an additional 129,162 shares during the period. Finally, Ngam Advisors L.P. lifted its position in shares of Cadence Design Systems by 5.5% in the 1st quarter. Ngam Advisors L.P. now owns 22,847 shares of the software maker’s stock worth $717,000 after acquiring an additional 1,186 shares during the period. Hedge funds and other institutional investors own 84.44% of the company’s stock.

In other Cadence Design Systems news, CFO John M. Wall sold 750 shares of the stock in a transaction on Monday, October 9th. The shares were sold at an average price of $40.68, for a total transaction of $30,510.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP James J. Cowie sold 5,036 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $37.21, for a total transaction of $187,389.56. Following the completion of the sale, the vice president now owns 82,082 shares of the company’s stock, valued at approximately $3,054,271.22. The disclosure for this sale can be found here. Insiders have sold 260,786 shares of company stock valued at $10,186,400 over the last three months. 2.55% of the stock is owned by corporate insiders.

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Cadence Design Systems, Inc. (NASDAQ:CDNS) traded up 0.84% on Friday, reaching $43.08. The company’s stock had a trading volume of 2,119,251 shares. The stock’s 50 day moving average price is $39.89 and its 200 day moving average price is $36.02. Cadence Design Systems, Inc. has a 12 month low of $24.15 and a 12 month high of $43.23. The company has a market cap of $12.07 billion, a P/E ratio of 50.09 and a beta of 0.93.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 30.43%. The business had revenue of $485.40 million for the quarter, compared to analyst estimates of $481.10 million. During the same quarter in the previous year, the firm posted $0.30 earnings per share. Cadence Design Systems’s quarterly revenue was up 8.8% on a year-over-year basis. Equities research analysts forecast that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current year.

A number of equities analysts have recently issued reports on the company. Royal Bank Of Canada reissued a “buy” rating on shares of Cadence Design Systems in a report on Friday, July 7th. Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. BidaskClub cut Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Thursday, July 27th. Finally, Bank of America Corporation increased their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Cadence Design Systems has a consensus rating of “Buy” and an average target price of $38.50.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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