Johnson Financial Group Inc. Reduces Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Johnson Financial Group Inc. cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,692 shares of the software maker’s stock after selling 602 shares during the quarter. Johnson Financial Group Inc.’s holdings in Cadence Design Systems were worth $1,006,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. increased its holdings in shares of Cadence Design Systems by 3.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after acquiring an additional 3,899 shares during the last quarter. Skopos Labs Inc. acquired a new position in Cadence Design Systems during the 4th quarter valued at approximately $366,000. Congress Wealth Management LLC DE boosted its position in Cadence Design Systems by 99.7% during the 4th quarter. Congress Wealth Management LLC DE now owns 3,135 shares of the software maker’s stock valued at $854,000 after purchasing an additional 1,565 shares during the period. Advisory Services Network LLC boosted its position in Cadence Design Systems by 1.4% during the 4th quarter. Advisory Services Network LLC now owns 11,004 shares of the software maker’s stock valued at $2,997,000 after purchasing an additional 150 shares during the period. Finally, Team Hewins LLC acquired a new position in Cadence Design Systems during the 4th quarter valued at approximately $541,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Down 0.1 %

Shares of Cadence Design Systems stock traded down $0.41 on Friday, reaching $294.28. 957,105 shares of the company were exchanged, compared to its average volume of 1,364,188. The stock has a fifty day moving average price of $296.25 and a 200-day moving average price of $287.32. The firm has a market capitalization of $80.08 billion, a price-to-earnings ratio of 76.64, a price-to-earnings-growth ratio of 3.61 and a beta of 1.06. 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, Inc. has a fifty-two week low of $208.50 and a fifty-two week high of $327.36.

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

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now directly owns 49,551 shares of the company’s stock, valued at $14,228,074.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares in the company, valued at $41,468,674.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total value of $430,710.00. Following the completion of the transaction, the director now owns 49,551 shares in the company, valued at approximately $14,228,074.14. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 109,298 shares of company stock valued at $33,247,394. Company insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on CDNS shares. KeyCorp boosted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Piper Sandler reduced their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Wells Fargo & Company boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Finally, Robert W. Baird boosted their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.11.

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.