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

PDS Planning Inc grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.6% during the 4th quarter, Holdings Channel reports. The fund owned 1,629 shares of the software maker’s stock after buying 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 filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. raised its position in shares of Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after purchasing an additional 216,075 shares during the period. Pittenger & Anderson Inc. increased its holdings in Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after acquiring an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. increased its holdings in Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after acquiring an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after acquiring an additional 79,268 shares during the last quarter. Finally, Avanza Fonder AB bought a new stake in Cadence Design Systems in the 4th quarter valued at $6,046,000. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,021 shares of company stock valued at $31,229,155. Company insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CDNS shares. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Bank of America reduced their price target 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. Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Finally, Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Price Performance

CDNS stock opened at $253.88 on Wednesday. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $280.50 and a 200 day moving average price of $284.19. The stock has a market cap of $69.59 billion, a PE ratio of 65.77, a P/E/G ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last released 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 return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.