Pittenger & Anderson Inc. Has $785,000 Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pittenger & Anderson Inc. boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 82.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,883 shares of the software maker’s stock after purchasing an additional 1,300 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Cadence Design Systems were worth $785,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tokio Marine Asset Management Co. Ltd. increased its holdings in Cadence Design Systems by 4.3% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,651 shares of the software maker’s stock worth $1,812,000 after purchasing an additional 277 shares in the last quarter. Atria Wealth Solutions Inc. grew its holdings in Cadence Design Systems by 77.4% during the fourth quarter. Atria Wealth Solutions Inc. now owns 37,880 shares of the software maker’s stock worth $10,317,000 after buying an additional 16,526 shares in the last quarter. Yousif Capital Management LLC raised its position in Cadence Design Systems by 6.5% in the 4th quarter. Yousif Capital Management LLC now owns 39,022 shares of the software maker’s stock valued at $10,628,000 after buying an additional 2,372 shares during the last quarter. GAMMA Investing LLC bought a new position in Cadence Design Systems during the 4th quarter valued at $380,000. Finally, Linden Thomas Advisory Services LLC boosted its holdings in Cadence Design Systems by 5.9% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 8,105 shares of the software maker’s stock worth $2,208,000 after acquiring an additional 452 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $0.58 during trading on Thursday, hitting $277.08. 2,038,818 shares of the stock traded hands, compared to its average volume of 1,572,035. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The stock has a market cap of $75.43 billion, a price-to-earnings ratio of 72.31, a PEG ratio of 3.43 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $198.92 and a 52 week high of $327.36. The firm’s fifty day moving average is $304.38 and its 200-day moving average is $280.97.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the previous year, the business posted $1.02 earnings per share. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. Research analysts expect that Cadence Design Systems, Inc. will post 4.81 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on CDNS shares. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Friday, April 19th. Wells Fargo & Company upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, KeyCorp lifted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $316.50.

Insiders Place Their Bets

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock worth $52,231,207 over the last three months. Company insiders own 1.99% of the company’s stock.

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.