Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Jackson Square Capital LLC

Jackson Square Capital LLC lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,099 shares of the software maker’s stock after selling 1,850 shares during the quarter. Cadence Design Systems accounts for about 0.9% of Jackson Square Capital LLC’s portfolio, making the stock its 29th largest holding. Jackson Square Capital LLC’s holdings in Cadence Design Systems were worth $3,821,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. ORG Partners LLC lifted its holdings in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the period. Chilton Capital Management LLC boosted its holdings in Cadence Design Systems by 244.0% during the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after buying an additional 122 shares in the last quarter. Larson Financial Group LLC grew its position in Cadence Design Systems by 159.7% during the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after buying an additional 123 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Cadence Design Systems in the second quarter valued at $69,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Cadence Design Systems in the second quarter worth about $77,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Needham & Company LLC dropped their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Mizuho started coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. Finally, Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $323.17.

Insider Activity

In related news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Karna Nisewaner sold 1,213 shares of Cadence Design Systems stock in a transaction on Friday, August 16th. The shares were sold at an average price of $279.49, for a total transaction of $339,021.37. Following the completion of the sale, the senior vice president now directly owns 17,617 shares of the company’s stock, valued at approximately $4,923,775.33. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,347 shares of company stock worth $7,734,616. 0.62% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $296.75 on Thursday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The firm has a market cap of $81.39 billion, a PE ratio of 77.89, a price-to-earnings-growth ratio of 3.54 and a beta of 1.02. The company’s 50 day moving average is $268.72 and its two-hundred day moving average is $281.85.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the firm earned $1.01 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

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.