Penserra Capital Management LLC Raises Stake in Cadence Design Systems, Inc. $CDNS

Penserra Capital Management LLC raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 43.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 95,131 shares of the software maker’s stock after purchasing an additional 28,812 shares during the quarter. Penserra Capital Management LLC’s holdings in Cadence Design Systems were worth $33,414,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Physician Wealth Advisors Inc. increased its position in Cadence Design Systems by 19.5% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 325 shares of the software maker’s stock valued at $114,000 after acquiring an additional 53 shares during the period. Peterson Wealth Services grew its stake in shares of Cadence Design Systems by 1,501.3% in the 3rd quarter. Peterson Wealth Services now owns 187,115 shares of the software maker’s stock valued at $65,726,000 after purchasing an additional 175,430 shares during the last quarter. Morling Financial Advisors LLC acquired a new position in shares of Cadence Design Systems in the third quarter valued at approximately $211,000. Atlantic Union Bankshares Corp raised its stake in shares of Cadence Design Systems by 52.1% during the third quarter. Atlantic Union Bankshares Corp now owns 3,843 shares of the software maker’s stock worth $1,350,000 after purchasing an additional 1,317 shares during the last quarter. Finally, AGF Management Ltd. acquired a new stake in shares of Cadence Design Systems during the third quarter worth $901,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of analyst reports. Rosenblatt Securities lifted their price objective on shares of Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research report on Tuesday, October 28th. Citigroup assumed coverage on shares of Cadence Design Systems in a report on Monday, November 24th. They issued a “buy” rating and a $385.00 target price on the stock. KeyCorp reissued an “overweight” rating and set a $405.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 28th. Needham & Company LLC restated a “buy” rating and issued a $390.00 price objective on shares of Cadence Design Systems in a research report on Monday, December 22nd. Finally, JPMorgan Chase & Co. boosted their target price on Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Thirteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $379.59.

Cadence Design Systems Stock Performance

CDNS opened at $268.50 on Wednesday. The stock’s 50 day simple moving average is $316.88 and its 200 day simple moving average is $332.60. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. The stock has a market cap of $73.09 billion, a P/E ratio of 69.20, a P/E/G ratio of 3.23 and a beta of 1.01. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 20,000 shares of Cadence Design Systems stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the completion of the transaction, the chief executive officer owned 195,844 shares in the company, valued at approximately $66,586,960. The trade was a 9.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $337.48, for a total transaction of $60,746.40. Following the completion of the sale, the director directly owned 7,650 shares in the company, valued at $2,581,722. This trade represents a 2.30% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 55,475 shares of company stock worth $18,210,396. Insiders own 0.37% of the company’s stock.

Cadence Design Systems Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.