Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Pittenger & Anderson Inc.

Pittenger & Anderson Inc. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 82.1% during the fourth quarter, HoldingsChannel reports. The firm owned 2,883 shares of the software maker’s stock after acquiring an additional 1,300 shares during the period. Pittenger & Anderson Inc.’s holdings in Cadence Design Systems were worth $785,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. OFI Invest Asset Management purchased a new position in Cadence Design Systems during the 3rd quarter worth approximately $26,000. Valley National Advisers Inc. increased its holdings in shares of Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $28,000. Rakuten Securities Inc. purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $45,000. Finally, Catalyst Capital Advisors LLC grew its position in Cadence Design Systems by 34.7% during the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after purchasing an additional 52 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CDNS shares. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Wells Fargo & Company boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Piper Sandler cut their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, April 19th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $316.50.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $0.58 during midday trading on Thursday, reaching $277.08. The company had a trading volume of 2,038,818 shares, compared to its average volume of 1,572,035. The company has a market capitalization of $75.43 billion, a price-to-earnings ratio of 72.31, a price-to-earnings-growth ratio of 3.43 and a beta of 1.04. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.08. The stock has a fifty day simple moving average of $304.38 and a 200 day simple moving average of $280.97. Cadence Design Systems, Inc. has a 1-year low of $198.92 and a 1-year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the business earned $1.02 earnings per share. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the sale, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Wall sold 2,700 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $299.00, for a total transaction of $807,300.00. Following the transaction, the chief financial officer now owns 76,552 shares of the company’s stock, valued at $22,889,048. The disclosure for this sale can be found here. Insiders have sold 173,044 shares of company stock worth $52,231,207 over the last ninety days. Company insiders own 1.99% of the company’s stock.

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.