State of New Jersey Common Pension Fund D Boosts Stock Holdings in Cadence Design Systems, Inc. $CDNS

State of New Jersey Common Pension Fund D raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 95,422 shares of the software maker’s stock after acquiring an additional 3,662 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Cadence Design Systems were worth $33,518,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Cadence Design Systems by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 26,595,861 shares of the software maker’s stock valued at $8,195,515,000 after purchasing an additional 256,719 shares during the last quarter. State Street Corp boosted its stake in Cadence Design Systems by 1.4% during the 2nd quarter. State Street Corp now owns 12,318,585 shares of the software maker’s stock worth $3,795,972,000 after purchasing an additional 172,551 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Cadence Design Systems by 3.0% during the second quarter. Jennison Associates LLC now owns 9,338,102 shares of the software maker’s stock worth $2,877,536,000 after buying an additional 273,149 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Cadence Design Systems by 1.2% in the second quarter. Geode Capital Management LLC now owns 6,363,734 shares of the software maker’s stock valued at $1,952,771,000 after buying an additional 77,478 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Cadence Design Systems by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock worth $1,866,739,000 after buying an additional 731,788 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $299.46 on Monday. The stock has a 50 day moving average of $311.67 and a two-hundred day moving average of $329.86. The stock has a market cap of $81.51 billion, a P/E ratio of 77.18, a P/E/G ratio of 3.33 and a beta of 1.01. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48.

Insider Activity at Cadence Design Systems

In other news, CFO John M. Wall sold 27,805 shares of the stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the completion of the sale, the chief financial officer owned 69,957 shares in the company, valued at approximately $22,286,201.49. This represents a 28.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $295.09, for a total value of $295,090.00. Following the transaction, the vice president directly owned 95,137 shares in the company, valued at approximately $28,073,977.33. This represents a 1.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 56,475 shares of company stock worth $18,505,486 in the last three months. Company insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CDNS. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Oppenheimer upgraded 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. Needham & Company LLC reaffirmed a “buy” rating and set a $390.00 price objective on shares of Cadence Design Systems in a research report on Monday, December 22nd. Wells Fargo & Company raised their target price on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Finally, Wolfe Research reiterated an “outperform” rating and issued a $385.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $379.59.

Cadence Design Systems Company 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.