Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Jackson Square Capital LLC

Jackson Square Capital LLC lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.6% during the third quarter, Holdings Channel reports. The firm owned 14,099 shares of the software maker’s stock after selling 1,850 shares during the period. Cadence Design Systems makes up approximately 0.9% of Jackson Square Capital LLC’s investment portfolio, making the stock its 29th largest position. Jackson Square Capital LLC’s holdings in Cadence Design Systems were worth $3,821,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of CDNS. Norden Group LLC lifted its position in Cadence Design Systems by 25.0% in the first quarter. Norden Group LLC now owns 945 shares of the software maker’s stock valued at $294,000 after acquiring an additional 189 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Cadence Design Systems by 1.1% in the 1st quarter. Private Advisor Group LLC now owns 5,532 shares of the software maker’s stock valued at $1,722,000 after purchasing an additional 58 shares during the period. Csenge Advisory Group boosted its position in shares of Cadence Design Systems by 3.8% in the 1st quarter. Csenge Advisory Group now owns 3,137 shares of the software maker’s stock valued at $976,000 after purchasing an additional 116 shares during the period. Manchester Capital Management LLC grew its stake in Cadence Design Systems by 3,475.7% during the 1st quarter. Manchester Capital Management LLC now owns 1,323 shares of the software maker’s stock worth $412,000 after buying an additional 1,286 shares during the last quarter. Finally, Advisory Services Network LLC increased its position in Cadence Design Systems by 18.1% during the first quarter. Advisory Services Network LLC now owns 12,994 shares of the software maker’s stock worth $4,045,000 after buying an additional 1,990 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the transaction, the director now directly owns 45,051 shares in the company, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the sale, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the sale, the director now directly owns 45,051 shares in the company, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,347 shares of company stock worth $7,734,616 in the last 90 days. 0.62% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Mizuho began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Robert W. Baird increased their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $323.17.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $296.75 on Thursday. The stock has a market capitalization of $81.39 billion, a price-to-earnings ratio of 77.89, a PEG ratio of 3.54 and a beta of 1.02. The business’s 50 day moving average is $268.72 and its two-hundred day moving average is $281.85. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. 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 (NASDAQ:CDNS) last announced its quarterly earnings data 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 return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the company posted $1.01 earnings per share. Cadence Design Systems’s quarterly revenue was up 18.8% on a year-over-year basis. Research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

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.