PDS Planning Inc Purchases 86 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

PDS Planning Inc grew its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,629 shares of the software maker’s stock after acquiring an additional 86 shares during the period. PDS Planning Inc’s holdings in Cadence Design Systems were worth $489,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Leelyn Smith LLC bought a new position in Cadence Design Systems in the fourth quarter worth about $808,000. Parallel Advisors LLC raised its stake in Cadence Design Systems by 1.4% in the fourth quarter. Parallel Advisors LLC now owns 7,774 shares of the software maker’s stock worth $2,336,000 after buying an additional 108 shares in the last quarter. Cibc World Markets Corp raised its stake in Cadence Design Systems by 14.6% in the fourth quarter. Cibc World Markets Corp now owns 49,315 shares of the software maker’s stock worth $14,817,000 after buying an additional 6,282 shares in the last quarter. Jensen Investment Management Inc. bought a new position in Cadence Design Systems in the fourth quarter worth about $126,571,000. Finally, GLOBALT Investments LLC GA raised its stake in Cadence Design Systems by 1.2% in the fourth quarter. GLOBALT Investments LLC GA now owns 11,917 shares of the software maker’s stock worth $3,581,000 after buying an additional 142 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 5,920 shares of the firm’s 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 sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Down 0.5 %

NASDAQ:CDNS opened at $253.88 on Wednesday. The company’s 50 day moving average price is $280.50 and its 200-day moving average price is $284.19. Cadence Design Systems, Inc. has a 52 week low of $230.09 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a market cap of $69.59 billion, a price-to-earnings ratio of 65.77, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CDNS. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Mizuho increased their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Robert W. Baird cut their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Bank of America cut their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $326.92.

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.