Penobscot Investment Management Company Inc. Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Penobscot Investment Management Company Inc. grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 76.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,400 shares of the software maker’s stock after buying an additional 3,640 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Cadence Design Systems were worth $2,288,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of CDNS. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $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 in the last quarter. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter valued at about $28,000. Rakuten Securities Inc. purchased a new position in shares of Cadence Design Systems in the 4th quarter valued at about $45,000. Finally, Catalyst Capital Advisors LLC grew its stake in Cadence Design Systems by 34.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after acquiring an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of a number of research reports. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Piper Sandler decreased their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Finally, Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $326.11.

Cadence Design Systems Trading Down 1.8 %

Shares of CDNS traded down $4.95 during mid-day trading on Tuesday, hitting $277.54. The company had a trading volume of 614,372 shares, compared to its average volume of 1,565,191. Cadence Design Systems, Inc. has a 1-year low of $198.92 and a 1-year high of $327.36. The business’s 50-day simple moving average is $303.69 and its 200-day simple moving average is $281.82. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The stock has a market cap of $75.53 billion, a PE ratio of 73.57, a P/E/G ratio of 3.32 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. Cadence Design Systems’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.02 earnings per share. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Insider Activity

In other news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the sale, the director now directly owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. 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 90 days. Company insiders own 0.62% of the company’s stock.

About Cadence Design Systems

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.