Pitcairn Co. Decreases Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pitcairn Co. lessened its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 15,504 shares of the software maker’s stock after selling 133 shares during the quarter. Pitcairn Co.’s holdings in Cadence Design Systems were worth $4,202,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Missouri Trust & Investment Co bought a new position in Cadence Design Systems in the 3rd quarter valued at $27,000. ORG Partners LLC grew its position in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems in the 3rd quarter valued at $28,000. Chilton Capital Management LLC grew its position in Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after acquiring an additional 122 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its position in Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after acquiring an additional 47 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 several research analyst reports. Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective on the stock. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Finally, Mizuho initiated coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the transaction, the director now directly owns 43,551 shares in the company, valued at $12,019,204.98. This trade represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is owned by insiders.

Cadence Design Systems Trading Up 1.7 %

Shares of NASDAQ CDNS opened at $311.87 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The stock has a market capitalization of $85.53 billion, a P/E ratio of 81.86, a price-to-earnings-growth ratio of 4.16 and a beta of 1.02. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The business has a fifty day moving average price of $278.58 and a 200 day moving average price of $283.62.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the business posted $1.01 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. Equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal 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.