Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 312,633 shares of the software maker’s stock after buying an additional 2,337 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.11% of Cadence Design Systems worth $93,934,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems during the 3rd quarter worth $28,000. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems during the fourth quarter worth about $28,000. Versant Capital Management Inc boosted its position in 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 in the last quarter. Finally, Prestige Wealth Management Group LLC increased its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 0.0 %

Shares of NASDAQ:CDNS opened at $243.21 on Friday. The company has a market capitalization of $66.67 billion, a PE ratio of 63.01, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52 week low of $233.72 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a 50 day moving average price of $288.68 and a two-hundred day moving average price of $285.44.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (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 the consensus estimate of $1.35 billion. Analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 value of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,416 shares of company stock worth $33,504,126. Company insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Rosenblatt Securities boosted their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Loop Capital decreased their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Finally, Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.