Pittenger & Anderson Inc. Raises Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pittenger & Anderson Inc. raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 50.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 5,289 shares of the software maker’s stock after acquiring an additional 1,766 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Cadence Design Systems were worth $1,589,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems in the third quarter worth about $28,000. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $28,000. Versant Capital Management Inc increased its holdings in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC raised its position in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Down 0.3 %

Shares of CDNS stock opened at $295.19 on Monday. 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’s 50-day moving average price is $303.30 and its 200-day moving average price is $286.43. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The stock has a market cap of $80.96 billion, a price-to-earnings ratio of 77.48, a PEG ratio of 3.50 and a beta of 1.03.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now owns 60,461 shares of the company’s stock, valued at $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,538,875 in the last quarter. Insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of research analyst reports. Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Needham & Company LLC dropped their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Loop Capital began coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $326.08.

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.