Janney Montgomery Scott LLC Grows Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Janney Montgomery Scott LLC increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 88,908 shares of the software maker’s stock after buying an additional 6,364 shares during the period. Janney Montgomery Scott LLC’s holdings in Cadence Design Systems were worth $26,713,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Public Sector Pension Investment Board grew its holdings in shares of Cadence Design Systems by 72.4% during the second quarter. Public Sector Pension Investment Board now owns 10,398 shares of the software maker’s stock worth $3,200,000 after purchasing an additional 4,366 shares in the last quarter. Insigneo Advisory Services LLC bought a new position in shares of Cadence Design Systems in the 2nd quarter worth $518,000. APG Asset Management N.V. raised its position in shares of Cadence Design Systems by 61.7% during the 2nd quarter. APG Asset Management N.V. now owns 337,358 shares of the software maker’s stock valued at $96,871,000 after buying an additional 128,769 shares in the last quarter. Daymark Wealth Partners LLC bought a new stake in shares of Cadence Design Systems during the 2nd quarter worth $266,000. Finally, MBB Public Markets I LLC purchased a new position in Cadence Design Systems in the second quarter worth $5,826,000. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CDNS. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Mizuho boosted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $329.50.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $320.48 on Friday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The stock has a market cap of $87.90 billion, a P/E ratio of 84.12, a P/E/G ratio of 3.70 and a beta of 1.04. The business’s 50 day moving average price is $305.52 and its 200-day moving average price is $285.33. 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 (NASDAQ:CDNS) last released 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. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.01 EPS. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares of the company’s stock, valued at $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,416 shares of company stock worth $33,528,267. 1.99% of the stock is owned by corporate insiders.

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.