Louisiana State Employees Retirement System Sells 1,500 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Louisiana State Employees Retirement System cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,800 shares of the software maker’s stock after selling 1,500 shares during the period. Louisiana State Employees Retirement System’s holdings in Cadence Design Systems were worth $10,456,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CDNS. Van ECK Associates Corp lifted its holdings in Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares during the period. Principal Financial Group Inc. raised its position in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $148,594,000. Meridiem Investment Management Ltd. bought a new position in shares of Cadence Design Systems in the 3rd quarter worth $129,285,000. Finally, Jennison Associates LLC grew its stake in shares of Cadence Design Systems by 5.3% during the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares of the company’s stock, valued at $18,512,553.59. The trade was a 1.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several analyst reports. Mizuho increased their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Loop Capital initiated coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Needham & Company LLC decreased their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Performance

CDNS opened at $303.87 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company has a market capitalization of $83.34 billion, a price-to-earnings ratio of 79.76, a P/E/G ratio of 3.50 and a beta of 1.03. The business’s 50-day moving average price is $304.50 and its two-hundred day moving average price is $285.50. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99.

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.