PNC Financial Services Group Inc. Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

PNC Financial Services Group Inc. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 284,487 shares of the software maker’s stock after purchasing an additional 11,894 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cadence Design Systems were worth $77,486,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Valley National Advisers Inc. grew its holdings in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new position in Cadence Design Systems during the fourth quarter valued at approximately $28,000. Rakuten Securities Inc. bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $45,000. Catalyst Capital Advisors LLC lifted its stake in Cadence Design Systems by 34.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock worth $47,000 after purchasing an additional 52 shares in the last quarter. Finally, Platinum Investment Management Ltd. bought a new position in Cadence Design Systems in the 3rd quarter valued at $56,000. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now directly owns 49,551 shares in the company, valued at approximately $14,228,074.14. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total value of $430,710.00. Following the transaction, the director now owns 49,551 shares in the company, valued at $14,228,074.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 48,533 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $302.50, for a total value of $14,681,232.50. Following the completion of the sale, the chief executive officer now directly owns 67,812 shares in the company, valued at $20,513,130. The disclosure for this sale can be found here. In the last quarter, insiders sold 109,298 shares of company stock valued at $33,247,394. Insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus increased their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. KeyCorp raised their price target on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $326.11.

Cadence Design Systems Price Performance

Shares of CDNS stock traded up $2.44 during trading hours on Monday, hitting $291.25. 223,604 shares of the company’s stock were exchanged, compared to its average volume of 1,525,168. The company has a market capitalization of $79.26 billion, a PE ratio of 75.21, a PEG ratio of 3.40 and a beta of 1.06. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 12-month low of $203.13 and a 12-month high of $327.36. The business’s 50 day simple moving average is $297.52 and its 200-day simple moving average is $286.05.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results 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 company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the company earned $1.02 EPS. The firm’s revenue was down 1.2% compared to the same quarter last year. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

About Cadence Design Systems

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.