Jensen Investment Management Inc. acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) 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
Read Our Latest Stock Analysis on CDNS
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 – Get Free Report) 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.
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