Peterson Wealth Services Buys 176 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Peterson Wealth Services increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,829 shares of the software maker’s stock after purchasing an additional 176 shares during the quarter. Cadence Design Systems makes up approximately 1.1% of Peterson Wealth Services’ investment portfolio, making the stock its 28th biggest position. Peterson Wealth Services’ holdings in Cadence Design Systems were worth $2,677,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of CDNS. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems during the third quarter valued at about $26,000. Valley National Advisers Inc. raised its stake in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares in the last quarter. Fortitude Family Office LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $28,000. Atlas Capital Advisors LLC increased its holdings in Cadence Design Systems by 322.6% during the second quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock valued at $31,000 after buying an additional 100 shares during the period. Finally, Zions Bancorporation N.A. increased its holdings in Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after buying an additional 117 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CDNS. Piper Sandler began coverage on shares of Cadence Design Systems in a report on Thursday, April 4th. They set a “neutral” rating and a $334.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Wednesday, March 6th. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday. Rosenblatt Securities lowered 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. Finally, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $318.10.

Insider Activity at Cadence Design Systems

In related news, Director James D. Plummer sold 2,412 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares in the company, valued at $7,229,914.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the transaction, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James D. Plummer sold 2,412 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the transaction, the director now owns 22,923 shares of the company’s stock, valued at $7,229,914.20. The disclosure for this sale can be found here. Insiders sold 177,544 shares of company stock worth $53,581,207 over the last three months. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS traded down $0.77 during trading hours on Thursday, reaching $292.94. 201,211 shares of the company traded hands, compared to its average volume of 1,458,311. The stock has a market capitalization of $79.75 billion, a P/E ratio of 76.89, a P/E/G ratio of 3.65 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36. The business has a fifty day moving average price of $306.58 and a 200-day moving average price of $279.35.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.75 earnings per share. Equities analysts anticipate that Cadence Design Systems, Inc. will post 4.82 EPS 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.