Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,503 shares of the software maker’s stock after selling 127 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Cadence Design Systems were worth $3,456,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Cadence Design Systems by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock worth $7,784,674,000 after purchasing an additional 201,340 shares during the last quarter. State Street Corp raised its stake in shares of Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after buying an additional 60,490 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after buying an additional 404,076 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cadence Design Systems by 0.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock valued at $1,081,098,000 after acquiring an additional 37,452 shares during the last quarter. Finally, Nordea Investment Management AB increased its holdings in Cadence Design Systems by 6.5% during the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after acquiring an additional 178,212 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.7 %

Shares of CDNS stock opened at $269.11 on Wednesday. The firm’s 50-day simple moving average is $277.00 and its 200-day simple moving average is $284.46. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $230.09 and a 1-year high of $328.99. The firm has a market cap of $73.77 billion, a P/E ratio of 69.72, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now directly owns 59,311 shares of the company’s stock, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 101,021 shares of company stock valued at $31,229,155. Company insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research reports. Rosenblatt Securities increased their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday, February 19th. Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Loop Capital decreased their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Bank of America cut their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems 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.