Teacher Retirement System of Texas Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Teacher Retirement System of Texas boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 40.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,147 shares of the software maker’s stock after buying an additional 8,965 shares during the quarter. Teacher Retirement System of Texas’ holdings in Cadence Design Systems were worth $9,358,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Avior Wealth Management LLC raised its position in Cadence Design Systems by 12.4% in the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after buying an additional 36 shares during the last quarter. Lindbrook Capital LLC increased its position in shares of Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock valued at $670,000 after purchasing an additional 38 shares during the last quarter. Empower Advisory Group LLC increased its position in shares of Cadence Design Systems by 4.9% during the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after purchasing an additional 41 shares during the last quarter. Marcum Wealth LLC increased its position in shares of Cadence Design Systems by 4.1% during the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock valued at $337,000 after purchasing an additional 44 shares during the last quarter. Finally, CX Institutional increased its position in shares of Cadence Design Systems by 2.6% during the 4th quarter. CX Institutional now owns 1,791 shares of the software maker’s stock valued at $538,000 after purchasing an additional 46 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDNS has been the subject of several research analyst reports. Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Piper Sandler increased their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Finally, Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy 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 $324.83.

Cadence Design Systems Stock Up 1.5 %

Shares of NASDAQ CDNS opened at $262.42 on Friday. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The business has a 50-day simple moving average of $278.01 and a two-hundred day simple moving average of $283.98. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market cap of $71.93 billion, a P/E ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems 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.