Pinnacle Financial Partners Inc Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pinnacle Financial Partners Inc grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 29.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 922 shares of the software maker’s stock after acquiring an additional 209 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Cadence Design Systems were worth $250,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CDNS. Capital Market Strategies LLC increased its stake in Cadence Design Systems by 3.1% during the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after purchasing an additional 39 shares in the last quarter. Dudley Capital Management LLC increased its position in shares of Cadence Design Systems by 4.3% during the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after acquiring an additional 39 shares in the last quarter. Trust Point Inc. raised its holdings in Cadence Design Systems by 2.9% in the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after acquiring an additional 40 shares during the last quarter. Falcon Wealth Planning lifted its position in Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after acquiring an additional 40 shares in the last quarter. Finally, Venture Visionary Partners LLC boosted its stake in Cadence Design Systems by 2.5% during the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after purchasing an additional 41 shares during the last quarter. 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 research analyst reports. Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Berenberg Bank started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Piper Sandler upgraded shares of 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. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Mizuho started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Trading Down 1.1 %

Shares of CDNS stock opened at $303.04 on Friday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The firm has a fifty day moving average price of $272.61 and a 200-day moving average price of $282.58. The company has a market cap of $83.11 billion, a price-to-earnings ratio of 79.54, a PEG ratio of 3.64 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS 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 during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the business posted $1.01 earnings per share. The business’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The trade was a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,634 shares of company stock valued at $4,217,635. 1.99% of the stock is owned by corporate insiders.

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.