Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Peterson Wealth Services

Peterson Wealth Services boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 9,829 shares of the software maker’s stock after buying an additional 176 shares during the quarter. Cadence Design Systems comprises about 1.1% of Peterson Wealth Services’ investment portfolio, making the stock its 28th biggest holding. Peterson Wealth Services’ holdings in Cadence Design Systems were worth $2,677,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale raised its position in Cadence Design Systems by 34.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after acquiring an additional 99,251 shares during the last quarter. Miracle Mile Advisors LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $934,000. Pacer Advisors Inc. grew its holdings in shares of Cadence Design Systems by 9.4% during the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after buying an additional 3,484 shares in the last quarter. Patton Fund Management Inc. purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $55,443,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insiders Place Their Bets

In other news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the completion of the transaction, the director now owns 54,683 shares of the company’s stock, valued at $16,404,900. The disclosure for this sale can be found here. Insiders sold a total of 177,544 shares of company stock worth $53,581,207 over the last ninety days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Trading Down 0.3 %

CDNS traded down $0.77 during trading on Thursday, hitting $292.94. 201,211 shares of the company’s stock were exchanged, compared to its average volume of 1,458,311. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36. The stock has a 50 day moving average price of $306.58 and a 200 day moving average price of $279.35. The firm has a market cap of $79.75 billion, a P/E ratio of 76.89, a price-to-earnings-growth ratio of 3.65 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the firm earned $0.75 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the subject of a number of recent research reports. Rosenblatt Securities downgraded shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. KeyCorp lifted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Stifel Nicolaus boosted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Finally, Robert W. Baird boosted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $318.10.

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.