Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 76.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 8,400 shares of the software maker’s stock after purchasing an additional 3,640 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Cadence Design Systems were worth $2,288,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Private Trust Co. NA grew its stake in Cadence Design Systems by 43.6% in the 3rd quarter. Private Trust Co. NA now owns 405 shares of the software maker’s stock valued at $95,000 after acquiring an additional 123 shares during the last quarter. Valeo Financial Advisors LLC lifted its holdings in shares of Cadence Design Systems by 28.5% during the 3rd quarter. Valeo Financial Advisors LLC now owns 1,694 shares of the software maker’s stock worth $397,000 after acquiring an additional 376 shares during the period. Atlantic Union Bankshares Corp raised its holdings in Cadence Design Systems by 24.8% in the third quarter. Atlantic Union Bankshares Corp now owns 6,600 shares of the software maker’s stock valued at $1,546,000 after buying an additional 1,312 shares during the period. PDS Planning Inc raised its stake in shares of Cadence Design Systems by 4.2% during the third quarter. PDS Planning Inc now owns 1,419 shares of the software maker’s stock valued at $332,000 after purchasing an additional 57 shares during the period. Finally, Deltec Asset Management LLC bought a new stake in Cadence Design Systems during the third quarter worth approximately $469,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’s 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 transaction, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 173,044 shares of company stock worth $52,231,207. 0.62% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded down $4.95 during mid-day trading on Tuesday, hitting $277.54. 614,372 shares of the company were exchanged, compared to its average volume of 1,565,191. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The business has a fifty day moving average of $303.69 and a 200 day moving average of $281.82. Cadence Design Systems, Inc. has a 1-year low of $198.92 and a 1-year high of $327.36. The company has a market capitalization of $75.53 billion, a PE ratio of 73.57, a price-to-earnings-growth ratio of 3.32 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period last year, the company posted $1.02 earnings per share. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research reports. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Wells Fargo & Company increased 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. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday, April 24th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Finally, Stifel Nicolaus raised their target price 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. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

Cadence Design Systems 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.