Jensen Investment Management Inc. Takes $126.57 Million Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Jensen Investment Management Inc. acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 421,257 shares of the software maker’s stock, valued at approximately $126,571,000. Cadence Design Systems makes up about 1.1% of Jensen Investment Management Inc.’s investment portfolio, making the stock its 27th largest position.

Other large investors also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its position in shares of Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after purchasing an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. boosted its position in shares of Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after purchasing an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. boosted its position in shares of Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after purchasing an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after purchasing an additional 79,268 shares in the last quarter. Finally, Avanza Fonder AB bought a new position in shares of Cadence Design Systems during the 4th quarter valued at about $6,046,000. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the transaction, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. This represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 105,245 shares of company stock valued at $32,534,498. 0.62% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CDNS. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Rosenblatt Securities raised their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. Finally, Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Cadence Design Systems Price Performance

Shares of CDNS opened at $247.43 on Monday. The firm has a market cap of $67.82 billion, a PE ratio of 64.10, a PEG ratio of 3.88 and a beta of 1.05. The firm’s 50 day moving average price is $282.52 and its 200 day moving average price is $284.37. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal 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.