Retirement Systems of Alabama Has $18.05 Million Stock Position in Cadence Design Systems, Inc. $CDNS

Retirement Systems of Alabama lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.6% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 58,588 shares of the software maker’s stock after selling 350 shares during the quarter. Retirement Systems of Alabama’s holdings in Cadence Design Systems were worth $18,054,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Costello Asset Management INC bought a new position in shares of Cadence Design Systems in the first quarter worth $25,000. Barrett & Company Inc. bought a new position in shares of Cadence Design Systems in the second quarter worth $31,000. Saudi Central Bank bought a new position in shares of Cadence Design Systems in the first quarter worth $27,000. E Fund Management Hong Kong Co. Ltd. increased its position in shares of Cadence Design Systems by 41.1% in the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock worth $39,000 after purchasing an additional 37 shares during the period. Finally, Princeton Global Asset Management LLC bought a new position in shares of Cadence Design Systems in the second quarter worth $40,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $338.69 on Friday. The stock has a market cap of $92.29 billion, a P/E ratio of 87.29, a price-to-earnings-growth ratio of 4.55 and a beta of 0.99. The company has a current ratio of 3.05, a quick ratio of 2.67 and a debt-to-equity ratio of 0.48. The stock’s 50-day moving average is $346.26 and its 200-day moving average is $325.52. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. BNP Paribas began coverage on Cadence Design Systems in a research report on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price target on the stock. Wells Fargo & Company lifted their target price on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a research report on Tuesday. Piper Sandler reiterated a “neutral” rating and issued a $355.00 target price (up previously from $328.00) on shares of Cadence Design Systems in a research report on Tuesday, July 29th. JPMorgan Chase & Co. lifted their target price on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Wolfe Research reiterated an “outperform” rating and issued a $385.00 target price on shares of Cadence Design Systems in a research report on Tuesday. Fourteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $376.00.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $348.27, for a total transaction of $348,270.00. Following the completion of the transaction, the vice president directly owned 99,672 shares of the company’s stock, valued at $34,712,767.44. This trade represents a 0.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Wall sold 7,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $349.16, for a total value of $2,618,700.00. Following the completion of the transaction, the chief financial officer directly owned 70,715 shares in the company, valued at approximately $24,690,849.40. This represents a 9.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,680 shares of company stock valued at $3,371,132 in the last three months. Insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.