Johnson Financial Group Inc. Decreases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Johnson Financial Group Inc. lowered its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 42.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,355 shares of the software maker's stock after selling 6,142 shares during the period. Johnson Financial Group Inc.'s holdings in Cadence Design Systems were worth $2,487,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $28,000. Avalon Trust Co bought a new position in shares of Cadence Design Systems in the 4th quarter worth $39,000. Versant Capital Management Inc grew its stake in shares of 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 purchasing an additional 87 shares during the period. OFI Invest Asset Management bought a new stake in Cadence Design Systems in the fourth quarter valued at about $46,000. Finally, Synergy Investment Management LLC acquired a new position in Cadence Design Systems in the fourth quarter valued at about $50,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CDNS shares. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price target for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 price objective for the company. Piper Sandler increased 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. Bank of America lifted their target price on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $322.54.

Cadence Design Systems Trading Down 1.5 %

Shares of NASDAQ:CDNS traded down $4.48 during trading on Wednesday, reaching $297.74. 2,776,590 shares of the company traded hands, compared to its average volume of 3,296,132. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 52-week low of $282.94 and a 52-week high of $303.50. The business's fifty day moving average is $255.41 and its 200-day moving average is $282.31. The firm has a market capitalization of $81.67 billion, a price-to-earnings ratio of 77.13, a P/E/G ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Cadence Design Systems's revenue was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.17 EPS. As a group, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now owns 108,799 shares of the company's stock, valued at $27,486,979.36. The trade was a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the transaction, the director now directly owns 7,411 shares of the company's stock, valued at $2,038,025. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,130 shares of company stock valued at $567,999 over the last three months. Corporate insiders own 1.99% of the company's stock.

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.