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

PNC Financial Services Group Inc. lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.8% during the third quarter, Holdings Channel reports. The firm owned 310,296 shares of the software maker’s stock after acquiring an additional 8,580 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cadence Design Systems were worth $84,100,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Market Strategies LLC boosted its stake in shares of Cadence Design Systems by 3.1% during the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after acquiring an additional 39 shares in the last quarter. Dudley Capital Management LLC boosted its stake in shares of Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after acquiring an additional 39 shares in the last quarter. Trust Point Inc. boosted 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 acquiring an additional 40 shares in the last quarter. Falcon Wealth Planning boosted its stake in shares of Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after acquiring an additional 40 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its stake in shares of Cadence Design Systems by 0.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after acquiring an additional 40 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 20.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock worth $4,217,635 in the last ninety days. Insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Needham & Company LLC reduced their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Trading Up 1.8 %

Shares of Cadence Design Systems stock opened at $299.63 on Wednesday. The firm has a market cap of $82.18 billion, a PE ratio of 78.64, a P/E/G ratio of 3.93 and a beta of 1.02. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The business’s fifty day moving average is $276.20 and its two-hundred day moving average is $283.13. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99.

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

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.