PDS Planning Inc Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

PDS Planning Inc lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,543 shares of the software maker’s stock after selling 172 shares during the period. PDS Planning Inc’s holdings in Cadence Design Systems were worth $418,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. QRG Capital Management Inc. lifted its stake in shares of Cadence Design Systems by 4.6% in the 3rd quarter. QRG Capital Management Inc. now owns 88,127 shares of the software maker’s stock valued at $23,885,000 after purchasing an additional 3,868 shares in the last quarter. National Pension Service raised its position in Cadence Design Systems by 10.0% in the third quarter. National Pension Service now owns 702,933 shares of the software maker’s stock valued at $190,516,000 after purchasing an additional 63,776 shares during the period. Donaldson Capital Management LLC boosted its position in shares of Cadence Design Systems by 4.6% in the third quarter. Donaldson Capital Management LLC now owns 13,886 shares of the software maker’s stock worth $3,764,000 after buying an additional 613 shares during the period. Van ECK Associates Corp grew its stake in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Cadence Design Systems by 5.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 14,164 shares of the software maker’s stock valued at $3,839,000 after buying an additional 669 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Needham & Company LLC lowered their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Robert W. Baird raised their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Finally, Piper Sandler upgraded shares of 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 ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $323.17.

Insider Activity at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now directly owns 45,051 shares of the company’s stock, valued at $12,444,888.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were 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 owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,697 shares of company stock valued at $7,555,216 over the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

CDNS stock opened at $289.34 on Tuesday. The company has a market capitalization of $79.36 billion, a P/E ratio of 75.94, a PEG ratio of 3.38 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company has a 50-day simple moving average of $267.60 and a 200 day simple moving average of $281.67. 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 posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the business earned $1.01 earnings per share. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal 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.