JLB & Associates Inc. Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

JLB & Associates Inc. lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,001 shares of the software maker’s stock after selling 75 shares during the quarter. JLB & Associates Inc.’s holdings in Cadence Design Systems were worth $1,084,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Campbell & CO Investment Adviser LLC increased its stake in Cadence Design Systems by 56.6% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 4,096 shares of the software maker’s stock worth $1,116,000 after buying an additional 1,481 shares in the last quarter. Belpointe Asset Management LLC raised its stake in Cadence Design Systems by 211.8% during the 4th quarter. Belpointe Asset Management LLC now owns 2,975 shares of the software maker’s stock valued at $810,000 after purchasing an additional 2,021 shares during the period. Lake Street Advisors Group LLC purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $535,000. Tower Research Capital LLC TRC boosted its stake in Cadence Design Systems by 159.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 51,314 shares of the software maker’s stock worth $13,976,000 after purchasing an additional 31,516 shares during the period. Finally, Public Employees Retirement Association of Colorado raised its position in shares of Cadence Design Systems by 555.5% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 40,680 shares of the software maker’s stock valued at $11,080,000 after buying an additional 34,474 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $267.01 on Thursday. The business’s 50 day moving average price is $266.73 and its 200-day moving average price is $288.27. Cadence Design Systems, Inc. has a fifty-two week low of $227.77 and a fifty-two week high of $328.99. The company has a market cap of $72.74 billion, a P/E ratio of 69.53, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the business posted $0.94 earnings per share. The business’s revenue was up 8.6% compared to the same quarter last year. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the transaction, the vice president now owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the transaction, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. The disclosure for this sale can be found here. Insiders have sold 27,672 shares of company stock valued at $7,590,312 in the last ninety days. 1.99% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CDNS shares. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. KeyCorp increased their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $323.60.

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.