Private Trust Co. NA Has $199,000 Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Private Trust Co. NA lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 16.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 733 shares of the software maker’s stock after purchasing an additional 102 shares during the quarter. Private Trust Co. NA’s holdings in Cadence Design Systems were worth $199,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Brown Brothers Harriman & Co. increased its holdings in Cadence Design Systems by 7,965.4% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 230,349 shares of the software maker’s stock worth $62,431,000 after purchasing an additional 227,493 shares in the last quarter. DRW Securities LLC grew its holdings in shares of Cadence Design Systems by 113.5% during the third quarter. DRW Securities LLC now owns 6,411 shares of the software maker’s stock worth $1,738,000 after purchasing an additional 3,408 shares during the last quarter. Harvest Fund Management Co. Ltd raised its holdings in Cadence Design Systems by 10.4% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 13,292 shares of the software maker’s stock valued at $3,602,000 after buying an additional 1,251 shares during the last quarter. Bank of Hawaii raised its holdings in Cadence Design Systems by 9.9% in the 3rd quarter. Bank of Hawaii now owns 4,321 shares of the software maker’s stock valued at $1,171,000 after buying an additional 389 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in Cadence Design Systems by 28.2% during the 3rd quarter. Daiwa Securities Group Inc. now owns 117,708 shares of the software maker’s stock worth $31,902,000 after buying an additional 25,884 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the sale, the director now owns 43,551 shares in the company, valued at $12,019,204.98. This represents a 3.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now owns 64,544 shares of the company’s stock, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,634 shares of company stock worth $1,558,535 in the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Down 1.7 %

CDNS opened at $304.68 on Friday. The company has a market cap of $83.56 billion, a P/E ratio of 79.97, a price-to-earnings-growth ratio of 4.24 and a beta of 1.02. The company has a fifty day moving average price of $281.26 and a two-hundred day moving average price of $284.26. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CDNS shares. Robert W. Baird raised their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. Finally, Needham & Company LLC decreased their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

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.