Jensen Investment Management Inc. acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 421,257 shares of the software maker's stock, valued at approximately $126,571,000. Cadence Design Systems accounts for 1.1% of Jensen Investment Management Inc.'s investment portfolio, making the stock its 27th biggest position. Jensen Investment Management Inc. owned about 0.15% of Cadence Design Systems as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also made changes to their positions in the business. State Street Corp lifted its holdings in shares of Cadence Design Systems by 0.5% during the third quarter. State Street Corp now owns 11,922,747 shares of the software maker's stock worth $3,231,422,000 after purchasing an additional 60,490 shares during the period. Jennison Associates LLC raised its position in Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock worth $2,406,760,000 after buying an additional 404,076 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Cadence Design Systems by 0.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker's stock worth $1,081,098,000 after acquiring an additional 37,452 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Cadence Design Systems by 6.5% in the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker's stock valued at $885,356,000 after acquiring an additional 178,212 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Cadence Design Systems by 3.6% during the third quarter. Janus Henderson Group PLC now owns 2,244,676 shares of the software maker's stock worth $608,373,000 after acquiring an additional 77,246 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.
Cadence Design Systems Price Performance
Shares of CDNS traded down $0.20 during mid-day trading on Thursday, reaching $258.50. 1,722,672 shares of the company's stock were exchanged, compared to its average volume of 1,793,056. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99. The company has a market cap of $70.86 billion, a price-to-earnings ratio of 66.97, a PEG ratio of 3.88 and a beta of 1.05. The company has a 50-day simple moving average of $279.62 and a two-hundred day simple moving average of $284.01.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.
Insider Buying and Selling at Cadence Design Systems
In related news, CEO Anirudh Devgan sold 93,151 shares of the company's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company's stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company's stock, valued at $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,021 shares of company stock worth $31,229,155. Corporate insiders own 1.99% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on CDNS. Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 price objective on the stock. Mizuho lifted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 target price for the company. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Finally, Loop Capital cut their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $324.83.
Read Our Latest Analysis on CDNS
About Cadence Design Systems
(
Free Report)
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.
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