JGP Wealth Management LLC Has $711,000 Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

JGP Wealth Management LLC grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.4% in the third quarter, HoldingsChannel.com reports. The fund owned 2,624 shares of the software maker’s stock after acquiring an additional 134 shares during the period. JGP Wealth Management LLC’s holdings in Cadence Design Systems were worth $711,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bartlett & CO. Wealth Management LLC acquired a new stake in Cadence Design Systems during the 4th quarter valued at $466,000. Groupama Asset Managment bought a new position in Cadence Design Systems in the fourth quarter valued at about $16,062,000. Profund Advisors LLC increased its stake in shares of Cadence Design Systems by 21.3% in the fourth quarter. Profund Advisors LLC now owns 26,390 shares of the software maker’s stock valued at $7,188,000 after buying an additional 4,641 shares during the period. GLOBALT Investments LLC GA bought a new stake in Cadence Design Systems in the fourth quarter valued at approximately $5,603,000. Finally, V Square Quantitative Management LLC boosted its holdings in Cadence Design Systems by 132.3% in the fourth quarter. V Square Quantitative Management LLC now owns 7,646 shares of the software maker’s stock valued at $2,083,000 after acquiring an additional 4,355 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $26,366,954.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the sale, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,347 shares of company stock valued at $7,774,637. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of CDNS stock traded up $1.70 during trading hours on Friday, reaching $282.34. The company had a trading volume of 344,113 shares, compared to its average volume of 1,697,416. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock has a fifty day moving average of $268.13 and a 200-day moving average of $286.64. The company has a market capitalization of $77.31 billion, a price-to-earnings ratio of 72.91, a PEG ratio of 3.37 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $228.66 and a 12-month high of $328.99.

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, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the firm earned $0.94 earnings per share. The firm’s revenue was up 8.6% compared to the same quarter last year. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of analyst reports. KeyCorp increased their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Oppenheimer began coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Robert W. Baird cut their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $323.60.

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.