Jackson Square Capital LLC Has $4.22 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Jackson Square Capital LLC trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,028 shares of the software maker’s stock after selling 71 shares during the quarter. Cadence Design Systems accounts for 1.0% of Jackson Square Capital LLC’s portfolio, making the stock its 29th largest holding. Jackson Square Capital LLC’s holdings in Cadence Design Systems were worth $4,215,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems in the third quarter worth about $27,000. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $28,000. Versant Capital Management Inc grew its position in shares of Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares during the period. Prestige Wealth Management Group LLC raised its stake in shares of 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 buying an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its holdings in Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after buying an additional 47 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of analyst reports. Mizuho lifted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Berenberg Bank started coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Robert W. Baird lifted their price objective 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. Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Finally, Oppenheimer began coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,416 shares of company stock worth $33,528,267. 0.62% of the stock is owned by insiders.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $305.60 on Friday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a fifty day simple moving average of $304.43 and a 200 day simple moving average of $285.15. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The stock has a market capitalization of $83.81 billion, a PE ratio of 80.21, a P/E/G ratio of 3.44 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results 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 the consensus estimate of $1.18 billion. During the same quarter in the previous year, the business earned $1.01 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Cadence Design Systems 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.