Jackson Wealth Management LLC Sells 6,368 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Jackson Wealth Management LLC lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 43.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. 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 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Ulland Investment Advisors LLC bought a new position in shares of Cadence Design Systems in the first quarter worth $25,000. RiverPark Advisors LLC purchased a new stake in Cadence Design Systems during the first quarter valued at about $26,000. Valley National Advisers Inc. lifted its stake in Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares during the last quarter. Annapolis Financial Services LLC bought a new stake in Cadence Design Systems during the first quarter worth about $32,000. Finally, Hollencrest Capital Management boosted its holdings in shares of Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after purchasing an additional 102 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several research reports. Piper Sandler reaffirmed a “neutral” rating and issued a $318.00 target price on shares of Cadence Design Systems in a research note on Wednesday, July 10th. Bank of America increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Rosenblatt Securities reissued 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 lowered their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Trading Down 4.3 %

Shares of NASDAQ CDNS traded down $11.18 during midday trading on Friday, hitting $249.63. 4,742,041 shares of the company traded hands, compared to its average volume of 2,325,783. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99. 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 50-day moving average price of $297.63 and a 200 day moving average price of $297.68. The firm has a market cap of $68.35 billion, a P/E ratio of 65.01, a P/E/G ratio of 3.14 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 earnings per share. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now owns 49,551 shares in the company, valued at $14,228,074.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the completion of the sale, the director now owns 49,551 shares of the company’s stock, valued at approximately $14,228,074.14. The disclosure for this sale can be found here. Insiders have sold a total of 48,534 shares of company stock worth $14,546,517 over the last quarter. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Company 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.