Jennison Associates LLC Has $2.31 Billion Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Jennison Associates LLC increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,064,953 shares of the software maker's stock after purchasing an additional 1,054,702 shares during the period. Cadence Design Systems accounts for 1.6% of Jennison Associates LLC's portfolio, making the stock its 16th largest holding. Jennison Associates LLC owned about 3.30% of Cadence Design Systems worth $2,305,489,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of CDNS. Brighton Jones LLC grew its holdings in Cadence Design Systems by 80.2% during the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after acquiring an additional 676 shares during the period. Highview Capital Management LLC DE grew its holdings in Cadence Design Systems by 2.7% during the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock worth $1,894,000 after acquiring an additional 163 shares during the period. Proficio Capital Partners LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth $431,000. Commonwealth Equity Services LLC grew its holdings in Cadence Design Systems by 3.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 21,784 shares of the software maker's stock worth $6,545,000 after acquiring an additional 666 shares during the period. Finally, Harbour Investments Inc. grew its holdings in Cadence Design Systems by 33.0% during the 4th quarter. Harbour Investments Inc. now owns 238 shares of the software maker's stock worth $72,000 after acquiring an additional 59 shares during the period. Institutional investors own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CDNS. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Bank of America boosted their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. Finally, Mizuho boosted their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $330.07.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the transaction, the chief executive officer owned 209,548 shares of the company's stock, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director directly owned 8,010 shares of the company's stock, valued at $2,435,040. The trade was a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,975 shares of company stock worth $6,114,587 in the last three months. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded down $5.29 on Friday, reaching $315.57. The stock had a trading volume of 1,390,857 shares, compared to its average volume of 2,021,785. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The firm's 50-day moving average is $308.81 and its two-hundred day moving average is $287.99. The firm has a market capitalization of $86.16 billion, a price-to-earnings ratio of 79.89, a P/E/G ratio of 4.46 and a beta of 0.99. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $330.09.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the business earned $1.17 EPS. Cadence Design Systems's quarterly revenue was up 23.1% on a year-over-year basis. On average, 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.