Strs Ohio Reduces Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

The State Teachers Retirement System of Ohio (STRS Ohio) is a significant institutional investor that manages retirement funds for public school employees in the state. In its latest filing with the Securities and Exchange Commission (SEC), STRS Ohio disclosed that it had reduced its holdings in Cadence Design Systems, Inc. (NASDAQ: CDNS) during the fourth quarter of 2021.

According to the filing, STRS Ohio sold a total of 3,854 shares of Cadence Design Systems' stock during the quarter, which represented a decrease of approximately 4.8% in the fund's overall holdings of the software maker's stock. After the sale, the fund owned a total of 77,154 shares of CDNS stock.

Cadence Design Systems is a leading provider of electronic design automation (EDA) software and services that enable engineers to create innovative products and bring them to market faster. The company's software is used to design and verify complex electronic systems and semiconductors for various industries, including consumer electronics, communications, automotive, and aerospace and defense.

The reason for STRS Ohio's decision to sell some of its CDNS holdings is not clear from the available information. It could be due to a variety of factors, including changes in the fund's investment strategy or market conditions. However, it is worth noting that the technology sector, including semiconductor stocks like CDNS, experienced significant volatility during the fourth quarter due to concerns over supply chain disruptions and regulatory issues.

Despite the sale, STRS Ohio still holds a significant position in CDNS, with a total investment of over $30 million based on the current market price of the stock. The fund's continued investment in the company reflects its confidence in the long-term growth potential of Cadence Design Systems and the broader semiconductor industry.

In summary, STRS Ohio reduced its holdings in Cadence Design Systems, Inc. by selling 3,854 shares during the fourth quarter of 2021, representing a decrease of approximately 4.8% in the fund's overall holdings of the software maker's stock. The reason for the sale is not clear, but it could be related to market conditions or changes in the fund's investment strategy. Despite the sale, STRS Ohio still holds a significant position in CDNS and remains bullish on the company's long-term growth prospects.