New Mexico Educational Retirement Board Invests $1.02 Million in Cadence Design Systems Inc (NASDAQ:CDNS)

New Mexico Educational Retirement Board bought a new position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 25,900 shares of the software maker’s stock, valued at approximately $1,022,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Cadence Design Systems by 2.2% during the second quarter. Vanguard Group Inc. now owns 24,488,691 shares of the software maker’s stock worth $820,127,000 after purchasing an additional 516,100 shares during the period. Janus Henderson Group PLC lifted its holdings in Cadence Design Systems by 73,454.0% in the second quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock valued at $693,303,000 after acquiring an additional 20,673,635 shares during the period. State Street Corp increased its position in shares of Cadence Design Systems by 1.2% in the second quarter. State Street Corp now owns 9,105,421 shares of the software maker’s stock valued at $304,935,000 after buying an additional 108,305 shares in the last quarter. Alkeon Capital Management LLC increased its position in shares of Cadence Design Systems by 0.3% in the third quarter. Alkeon Capital Management LLC now owns 5,726,059 shares of the software maker’s stock valued at $226,007,000 after buying an additional 15,000 shares in the last quarter. Finally, APG Asset Management N.V. increased its position in shares of Cadence Design Systems by 20,049.7% in the third quarter. APG Asset Management N.V. now owns 3,667,241 shares of the software maker’s stock valued at $144,746,000 after buying an additional 3,649,041 shares in the last quarter. Hedge funds and other institutional investors own 84.63% of the company’s stock.

Cadence Design Systems Inc (NASDAQ CDNS) traded down $0.47 during trading on Friday, reaching $41.82. The company had a trading volume of 1,633,295 shares, compared to its average volume of 2,637,511. The firm has a market cap of $11,941.00, a price-to-earnings ratio of 44.97, a PEG ratio of 3.34 and a beta of 0.93. The company has a quick ratio of 1.72, a current ratio of 1.79 and a debt-to-equity ratio of 0.64. Cadence Design Systems Inc has a 12-month low of $25.18 and a 12-month high of $45.64.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. The company had revenue of $485.40 million for the quarter, compared to the consensus estimate of $481.10 million. During the same period in the previous year, the business earned $0.30 EPS. Cadence Design Systems’s revenue for the quarter was up 8.8% compared to the same quarter last year. sell-side analysts anticipate that Cadence Design Systems Inc will post 1.06 earnings per share for the current year.

In related news, CFO John M. Wall sold 750 shares of the company’s stock in a transaction on Monday, October 9th. The stock was sold at an average price of $40.68, for a total transaction of $30,510.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction on Monday, October 16th. The stock was sold at an average price of $41.97, for a total value of $4,197,000.00. Following the transaction, the chief executive officer now owns 445,833 shares of the company’s stock, valued at $18,711,611.01. The disclosure for this sale can be found here. Insiders have sold a total of 330,974 shares of company stock worth $14,264,010 over the last 90 days. 2.55% of the stock is owned by company insiders.

CDNS has been the subject of a number of recent research reports. BidaskClub cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday. Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. DA Davidson lifted their price target on Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. Finally, Royal Bank of Canada lifted their price objective on Cadence Design Systems from $39.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 11th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $44.50.

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Cadence Design Systems Profile

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

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

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