State of Michigan Retirement System Boosts Stake in Cadence Design Systems Inc (NASDAQ:CDNS)

State of Michigan Retirement System lifted its stake in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 10.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 71,254 shares of the software maker’s stock after acquiring an additional 6,854 shares during the period. State of Michigan Retirement System’s holdings in Cadence Design Systems were worth $6,838,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. Ballast Advisors LLC purchased a new position in shares of Cadence Design Systems during the 1st quarter valued at about $28,000. Allworth Financial LP bought a new stake in shares of Cadence Design Systems in the 2nd quarter worth approximately $29,000. FDx Advisors Inc. purchased a new stake in shares of Cadence Design Systems in the 1st quarter valued at $31,000. Shine Investment Advisory Services Inc. grew its holdings in shares of Cadence Design Systems by 31.1% during the 1st quarter. Shine Investment Advisory Services Inc. now owns 544 shares of the software maker’s stock valued at $36,000 after purchasing an additional 129 shares during the last quarter. Finally, Global Retirement Partners LLC purchased a new position in Cadence Design Systems in the 2nd quarter worth $38,000. Institutional investors own 87.00% of the company’s stock.

In other news, CFO John M. Wall sold 15,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $104.26, for a total transaction of $1,563,900.00. Following the completion of the transaction, the chief financial officer now directly owns 185,946 shares in the company, valued at $19,386,729.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Anirudh Devgan sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $97.00, for a total value of $14,550,000.00. Following the completion of the sale, the president now directly owns 406,567 shares in the company, valued at $39,436,999. The disclosure for this sale can be found here. Insiders sold a total of 328,782 shares of company stock worth $31,601,081 over the last ninety days. Insiders own 2.58% of the company’s stock.

Shares of CDNS opened at $109.25 on Friday. The company has a 50-day simple moving average of $97.52 and a two-hundred day simple moving average of $80.44. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.42 and a quick ratio of 1.39. The firm has a market capitalization of $30.46 billion, a PE ratio of 30.10, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10. Cadence Design Systems Inc has a one year low of $51.39 and a one year high of $109.26.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 20th. The software maker reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.14. The firm had revenue of $638.42 million during the quarter, compared to analyst estimates of $591.09 million. Cadence Design Systems had a return on equity of 50.84% and a net margin of 41.74%. The business’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.57 EPS. Analysts expect that Cadence Design Systems Inc will post 1.88 EPS for the current fiscal year.

A number of brokerages have recently issued reports on CDNS. Wells Fargo & Co raised their price objective on Cadence Design Systems from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Tuesday, July 21st. Bank of America lifted their price target on Cadence Design Systems from $115.00 to $128.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Needham & Company LLC increased their price objective on Cadence Design Systems from $86.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Royal Bank of Canada raised their target price on shares of Cadence Design Systems from $101.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, July 21st. Finally, DA Davidson upped their price target on shares of Cadence Design Systems from $90.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $100.17.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

Further Reading: Cash Asset Ratio

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

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