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

JGP Wealth Management LLC grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,874 shares of the software maker’s stock after purchasing an additional 250 shares during the period. JGP Wealth Management LLC’s holdings in Cadence Design Systems were worth $864,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CDNS. Dimensional Fund Advisors LP boosted its stake in Cadence Design Systems by 7.7% in the second quarter. Dimensional Fund Advisors LP now owns 596,897 shares of the software maker’s stock valued at $183,705,000 after acquiring an additional 42,895 shares during the period. Mutual of America Capital Management LLC boosted its position in Cadence Design Systems by 8.0% during the 2nd quarter. Mutual of America Capital Management LLC now owns 38,519 shares of the software maker’s stock valued at $11,854,000 after purchasing an additional 2,849 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in Cadence Design Systems by 1.9% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 28,037 shares of the software maker’s stock valued at $8,628,000 after purchasing an additional 536 shares during the period. Argent Trust Co increased its position in Cadence Design Systems by 4.2% in the second quarter. Argent Trust Co now owns 3,643 shares of the software maker’s stock worth $1,121,000 after buying an additional 146 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its stake in Cadence Design Systems by 5.0% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,400 shares of the software maker’s stock valued at $1,354,000 after buying an additional 208 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

Shares of CDNS opened at $298.90 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market cap of $81.98 billion, a PE ratio of 78.45, a PEG ratio of 3.44 and a beta of 1.04. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The firm’s 50 day moving average price is $304.40 and its 200 day moving average price is $285.31.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the company earned $1.01 EPS. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the transaction, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. This represents a 1.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,528,267 in the last quarter. Insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Finally, Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

About Cadence Design Systems

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.