Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Jackson Wealth Management LLC

Jackson Wealth Management LLC trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 43.5% in the second quarter, Holdings Channel reports. The firm owned 8,274 shares of the software maker’s stock after selling 6,368 shares during the quarter. Jackson Wealth Management LLC’s holdings in Cadence Design Systems were worth $2,546,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CDNS. Norges Bank acquired a new position in Cadence Design Systems in the fourth quarter valued at approximately $1,141,059,000. Swedbank AB bought a new stake in shares of Cadence Design Systems during the first quarter valued at approximately $439,988,000. BNP Paribas Financial Markets raised its holdings in shares of Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after buying an additional 468,195 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after buying an additional 459,603 shares during the last quarter. Finally, 1832 Asset Management L.P. raised its holdings in shares of Cadence Design Systems by 111.5% during the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock valued at $266,583,000 after buying an additional 451,530 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

NASDAQ CDNS traded down $11.18 on Friday, reaching $249.63. The company’s stock had a trading volume of 4,742,041 shares, compared to its average volume of 2,325,783. The firm has a market cap of $68.35 billion, a PE ratio of 65.01, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. The business has a 50-day moving average price of $297.63 and a 200 day moving average price of $297.68. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.94 earnings per share. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.74 EPS for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the sale, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the sale, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. In the last three months, insiders sold 48,534 shares of company stock valued at $14,546,517. 1.99% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on CDNS. Piper Sandler reissued a “neutral” rating and set a $318.00 target price on shares of Cadence Design Systems in a report on Wednesday, July 10th. Robert W. Baird dropped their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, KeyCorp lifted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $334.56.

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.