JGP Wealth Management LLC Purchases 250 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

JGP Wealth Management LLC lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,874 shares of the software maker’s stock after acquiring an additional 250 shares during the period. JGP Wealth Management LLC’s holdings in Cadence Design Systems were worth $864,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems in the 3rd quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems in the third quarter valued at $28,000. Versant Capital Management Inc raised its stake in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC lifted its holdings in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares during the period. Finally, Meeder Asset Management Inc. boosted its stake in shares of Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after purchasing an additional 47 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $298.90 on Friday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The stock has a market capitalization of $81.98 billion, a P/E ratio of 78.45, a P/E/G ratio of 3.44 and a beta of 1.04. The business has a 50-day moving average price of $304.40 and a two-hundred day moving average price of $285.31.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the firm posted $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. 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 on the stock. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Oppenheimer started coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $329.50.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the transaction, the chief financial officer now owns 29,248 shares of the company’s stock, valued at $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,528,267 in the last 90 days. 0.62% of the stock is owned by company insiders.

About Cadence Design Systems

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.