Pinnacle Wealth Management Advisory Group LLC Buys 99 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pinnacle Wealth Management Advisory Group LLC boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 974 shares of the software maker’s stock after purchasing an additional 99 shares during the period. Pinnacle Wealth Management Advisory Group LLC’s holdings in Cadence Design Systems were worth $265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Jennison Associates LLC increased its stake in Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after acquiring an additional 564,085 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Cadence Design Systems by 5.6% during the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after acquiring an additional 158,031 shares during the last quarter. Invesco Ltd. grew its position in Cadence Design Systems by 4.9% in the third quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock worth $471,480,000 after acquiring an additional 93,984 shares in the last quarter. Nordea Investment Management AB raised its position in Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of recent research reports. Piper Sandler dropped their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. KeyCorp lifted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Stifel Nicolaus boosted their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note 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 Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $326.11.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the transaction, the vice president now owns 61,150 shares in the company, valued at approximately $18,583,485. The disclosure for this sale can be found here. Insiders have sold 173,066 shares of company stock worth $52,199,975 over the last quarter. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded up $2.63 during trading on Thursday, hitting $285.20. The company’s stock had a trading volume of 541,788 shares, compared to its average volume of 1,554,660. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The firm has a market cap of $77.61 billion, a price-to-earnings ratio of 73.59, a P/E/G ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a 12 month low of $198.92 and a 12 month high of $327.36. The company has a 50-day moving average of $301.33 and a 200-day moving average of $283.20.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the company posted $1.02 EPS. The business’s revenue was down 1.2% on a year-over-year basis. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.78 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.