Private Trust Co. NA Acquires 87 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Private Trust Co. NA grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 820 shares of the software maker’s stock after buying an additional 87 shares during the period. Private Trust Co. NA’s holdings in Cadence Design Systems were worth $246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Parkside Financial Bank & Trust increased its holdings in shares of Cadence Design Systems by 9.2% in the fourth quarter. Parkside Financial Bank & Trust now owns 572 shares of the software maker’s stock worth $172,000 after purchasing an additional 48 shares during the last quarter. QRG Capital Management Inc. increased its stake in Cadence Design Systems by 3.9% in the 4th quarter. QRG Capital Management Inc. now owns 91,529 shares of the software maker’s stock worth $27,501,000 after acquiring an additional 3,402 shares during the last quarter. Versor Investments LP purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $391,000. Proficio Capital Partners LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $129,546,000. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at $822,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of a number of recent research reports. Loop Capital decreased their price target on shares of 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. Bank of America lowered their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Needham & Company LLC reissued a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Robert W. Baird decreased their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Finally, Piper Sandler lifted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Insiders Place Their Bets

In other news, VP Paul Scannell sold 3,171 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,766 shares of company stock worth $33,339,852 in the last ninety days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $241.74 on Tuesday. Cadence Design Systems, Inc. has a 52 week low of $240.35 and a 52 week high of $328.99. The company has a market capitalization of $66.26 billion, a PE ratio of 62.63, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. The stock’s fifty day moving average is $293.85 and its two-hundred day moving average is $286.55. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.35 billion. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 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.