Pittenger & Anderson Inc. Has $955,000 Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pittenger & Anderson Inc. lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,523 shares of the software maker’s stock after selling 180 shares during the period. Pittenger & Anderson Inc.’s holdings in Cadence Design Systems were worth $955,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. ORG Partners LLC boosted its holdings in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares in the last quarter. Chilton Capital Management LLC lifted its holdings in shares of Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after purchasing an additional 122 shares in the last quarter. Larson Financial Group LLC increased its stake in Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after purchasing an additional 123 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Cadence Design Systems during the second quarter worth $69,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Cadence Design Systems in the second quarter valued at $77,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.6 %

NASDAQ:CDNS opened at $291.21 on Wednesday. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm’s 50 day moving average is $268.05 and its 200 day moving average is $281.74. The stock has a market capitalization of $79.87 billion, a PE ratio of 76.43, a price-to-earnings-growth ratio of 3.45 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,347 shares of company stock valued at $7,734,616 over the last three months. 0.62% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CDNS shares. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Mizuho assumed coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Finally, Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $323.17.

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.