Cadence Design Systems, Inc. $CDNS Shares Bought by Jones Financial Companies Lllp

Jones Financial Companies Lllp lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,044 shares of the software maker’s stock after purchasing an additional 1,779 shares during the period. Jones Financial Companies Lllp’s holdings in Cadence Design Systems were worth $2,816,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CDNS. Norges Bank purchased a new stake in Cadence Design Systems in the second quarter valued at approximately $1,190,618,000. Massachusetts Financial Services Co. MA raised its position in Cadence Design Systems by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock valued at $1,866,739,000 after purchasing an additional 731,788 shares during the last quarter. Voya Investment Management LLC raised its position in Cadence Design Systems by 914.2% in the 3rd quarter. Voya Investment Management LLC now owns 691,071 shares of the software maker’s stock valued at $242,746,000 after purchasing an additional 622,934 shares during the last quarter. Scge Management L.P. acquired a new stake in Cadence Design Systems during the 2nd quarter worth $187,663,000. Finally, Bain Capital Public Equity Management II LLC purchased a new position in Cadence Design Systems during the 2nd quarter worth $130,534,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on CDNS. Citigroup started coverage on shares of Cadence Design Systems in a report on Monday, November 24th. They issued a “buy” rating and a $385.00 target price for the company. Oppenheimer upgraded Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target on the stock in a research report on Monday, December 1st. KeyCorp reaffirmed an “overweight” rating and set a $405.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 28th. JPMorgan Chase & Co. lifted their target price on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $385.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 28th. Thirteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $379.59.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $283.44 on Monday. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. The stock has a 50 day simple moving average of $314.89 and a 200-day simple moving average of $331.63. The company has a market cap of $77.15 billion, a price-to-earnings ratio of 73.05, a price-to-earnings-growth ratio of 3.15 and a beta of 1.01. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45.

Insider Buying and Selling

In other Cadence Design Systems news, CEO Anirudh Devgan sold 20,000 shares of the business’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the sale, the chief executive officer directly owned 195,844 shares in the company, valued at approximately $66,586,960. The trade was a 9.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $295.09, for a total transaction of $295,090.00. Following the transaction, the vice president directly owned 95,137 shares in the company, valued at approximately $28,073,977.33. This trade represents a 1.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 56,475 shares of company stock valued at $18,505,486 in the last quarter. Corporate insiders own 0.37% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.