Cadence Design Systems, Inc. $CDNS Shares Purchased by New York State Teachers Retirement System

New York State Teachers Retirement System grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 214,166 shares of the software maker’s stock after purchasing an additional 3,801 shares during the period. New York State Teachers Retirement System’s holdings in Cadence Design Systems were worth $75,228,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Barrett & Company Inc. acquired a new position in Cadence Design Systems during the 2nd quarter worth about $31,000. Robbins Farley purchased a new stake in Cadence Design Systems during the third quarter worth about $35,000. Strategic Wealth Investment Group LLC acquired a new stake in shares of Cadence Design Systems during the second quarter worth about $32,000. Promus Capital LLC purchased a new position in shares of Cadence Design Systems in the second quarter valued at approximately $33,000. Finally, Heartwood Wealth Advisors LLC acquired a new position in shares of Cadence Design Systems in the third quarter valued at approximately $39,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research reports. Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. BNP Paribas Exane started coverage on Cadence Design Systems in a report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 price target on the stock. Rosenblatt Securities lifted their price objective on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research note on Tuesday, October 28th. Needham & Company LLC restated a “buy” rating and set a $390.00 target price on shares of Cadence Design Systems in a research note on Monday, December 22nd. Finally, Oppenheimer raised shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 target price on the stock in a report on Monday, December 1st. Fifteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $379.11.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 5,490 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the transaction, the vice president owned 20,321 shares of the company’s stock, valued at $6,897,557.03. The trade was a 21.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $337.48, for a total value of $60,746.40. Following the completion of the sale, the director owned 7,650 shares of the company’s stock, valued at approximately $2,581,722. This represents a 2.30% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 62,025 shares of company stock valued at $20,369,946. 1.99% of the stock is owned by insiders.

Cadence Design Systems Stock Up 2.7%

CDNS stock opened at $327.31 on Friday. The stock has a market cap of $89.09 billion, a P/E ratio of 84.36, a PEG ratio of 3.65 and a beta of 1.02. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The company’s 50 day moving average is $318.49 and its two-hundred day moving average is $333.05.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.14. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the firm posted $1.64 EPS. The company’s revenue was up 10.1% on a year-over-year basis. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS and its Q4 2025 guidance at 1.880-1.940 EPS. Research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Cadence Design Systems Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.