Janney Montgomery Scott LLC Increases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Janney Montgomery Scott LLC boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,366 shares of the software maker’s stock after buying an additional 780 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Cadence Design Systems were worth $22,837,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CDNS. Norges Bank purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $1,141,059,000. Nordea Investment Management AB boosted its stake in shares of Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the period. Wellington Management Group LLP boosted its stake in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Cadence Design Systems by 58.1% in 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 purchasing an additional 468,195 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Cadence Design Systems by 261.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after purchasing an additional 448,918 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock worth $14,978,483 in the last three months. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded up $5.64 during trading on Friday, reaching $321.11. The company’s stock had a trading volume of 1,126,305 shares, compared to its average volume of 1,434,027. The company has a 50-day moving average price of $298.01 and a two-hundred day moving average price of $295.18. The firm has a market cap of $87.48 billion, a PE ratio of 83.62, a P/E/G ratio of 3.86 and a beta of 1.03. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 EPS. On average, analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CDNS. Piper Sandler decreased their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Bank of America lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, Robert W. Baird raised their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $334.89.

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.