Private Trust Co. NA Buys 102 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Private Trust Co. NA raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 733 shares of the software maker’s stock after purchasing an additional 102 shares during the quarter. Private Trust Co. NA’s holdings in Cadence Design Systems were worth $199,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CDNS. Capital Market Strategies LLC increased its holdings in Cadence Design Systems by 3.1% during the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after buying an additional 39 shares during the last quarter. Dudley Capital Management LLC grew its position in shares of Cadence Design Systems by 4.3% in the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after acquiring an additional 39 shares during the period. Trust Point Inc. increased its stake in shares of Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after purchasing an additional 40 shares during the last quarter. Falcon Wealth Planning raised its holdings in shares of Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after purchasing an additional 40 shares during the period. Finally, Fifth Third Wealth Advisors LLC grew its holdings in Cadence Design Systems by 0.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after purchasing an additional 40 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the sale, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This trade represents a 3.44 % decrease in their position. 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 Cadence Design Systems stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,634 shares of company stock worth $1,558,535 over the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Down 1.7 %

NASDAQ CDNS opened at $304.68 on Friday. The company has a market cap of $83.56 billion, a price-to-earnings ratio of 79.97, a PEG ratio of 4.24 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 company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company has a 50 day moving average of $281.26 and a 200-day moving average of $284.26.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the firm earned $1.01 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Robert W. Baird raised their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Mizuho began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Company 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.