Jensen Investment Management Inc. Purchases Shares of 421,257 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Jensen Investment Management Inc. bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 421,257 shares of the software maker’s stock, valued at approximately $126,571,000. Cadence Design Systems makes up approximately 1.1% of Jensen Investment Management Inc.’s investment portfolio, making the stock its 27th largest holding. Jensen Investment Management Inc. owned about 0.15% of Cadence Design Systems as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. GLOBALT Investments LLC GA lifted its position in shares of Cadence Design Systems by 1.2% during the fourth quarter. GLOBALT Investments LLC GA now owns 11,917 shares of the software maker’s stock worth $3,581,000 after purchasing an additional 142 shares in the last quarter. Sovereign Investment Advisors LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter worth $593,000. Harbour Investments Inc. lifted its position in shares of Cadence Design Systems by 33.0% during the fourth quarter. Harbour Investments Inc. now owns 238 shares of the software maker’s stock worth $72,000 after purchasing an additional 59 shares in the last quarter. Corient Private Wealth LLC lifted its position in shares of Cadence Design Systems by 1.0% during the fourth quarter. Corient Private Wealth LLC now owns 167,313 shares of the software maker’s stock worth $50,271,000 after purchasing an additional 1,691 shares in the last quarter. Finally, Avalon Trust Co acquired a new position in shares of Cadence Design Systems during the fourth quarter worth $39,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CDNS shares. Robert W. Baird reduced their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Bank of America reduced their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Piper Sandler increased their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Stock Up 2.4 %

Shares of NASDAQ:CDNS opened at $247.43 on Monday. The stock has a market capitalization of $67.82 billion, a price-to-earnings ratio of 64.10, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. The company’s fifty day moving average is $282.52 and its two-hundred day moving average is $284.37. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 4,224 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the sale, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,245 shares of company stock valued at $32,534,498 in the last quarter. Company insiders own 0.62% 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.