Bank of Jackson Hole Trust Buys New Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bank of Jackson Hole Trust bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,277 shares of the software maker’s stock, valued at approximately $1,586,000. Cadence Design Systems comprises about 1.1% of Bank of Jackson Hole Trust’s holdings, making the stock its 20th largest position.

Other hedge funds also recently modified their holdings of the company. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems during the third quarter worth $27,000. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems during the third quarter worth $28,000. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems during the fourth quarter worth $28,000. Versant Capital Management Inc lifted its holdings 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 during the period. Finally, Prestige Wealth Management Group LLC lifted its holdings in 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 worth $45,000 after acquiring an additional 60 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the transaction, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s 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. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,538,875 over the last ninety days. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $300.43 on Wednesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The firm has a market cap of $82.40 billion, a price-to-earnings ratio of 78.85, a PEG ratio of 3.50 and a beta of 1.03. The business’s fifty day moving average is $303.01 and its 200 day moving average is $286.80.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CDNS. Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Finally, Wells Fargo & Company started coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $326.08.

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.