Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Pinnacle Wealth Management Advisory Group LLC

Pinnacle Wealth Management Advisory Group LLC increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 974 shares of the software maker’s stock after purchasing an additional 99 shares during the quarter. Pinnacle Wealth Management Advisory Group LLC’s holdings in Cadence Design Systems were worth $265,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems in the 3rd quarter worth approximately $26,000. Valley National Advisers Inc. lifted its stake 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 worth $26,000 after acquiring an additional 47 shares in the last quarter. Fortitude Family Office LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $28,000. Rakuten Securities Inc. acquired a new stake in Cadence Design Systems in the 4th quarter valued at about $45,000. Finally, Catalyst Capital Advisors LLC grew its position in shares of Cadence Design Systems by 34.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after buying an additional 52 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on CDNS shares. 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 research report on Tuesday, April 16th. Stifel Nicolaus upped their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Piper Sandler decreased their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $326.11.

Insider Activity

In related news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value 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 SEC, which is accessible through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $309.16, for a total value of $463,740.00. Following the transaction, the director now owns 51,683 shares of the company’s stock, valued at approximately $15,978,316.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were 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 owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 173,066 shares of company stock worth $52,199,975. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded up $2.63 during trading on Thursday, reaching $285.20. The company’s stock had a trading volume of 541,788 shares, compared to its average volume of 1,554,660. The business’s fifty day moving average price is $301.33 and its 200-day moving average price is $283.20. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36. The firm has a market cap of $77.61 billion, a price-to-earnings ratio of 73.59, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly 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 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 in the previous year, the company earned $1.02 earnings per share. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 4.78 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.