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

Pinnacle Financial Partners Inc raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 10.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,022 shares of the software maker’s stock after purchasing an additional 100 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Cadence Design Systems were worth $307,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Sigma Planning Corp boosted its holdings in shares of Cadence Design Systems by 17.2% in the fourth quarter. Sigma Planning Corp now owns 2,370 shares of the software maker’s stock valued at $712,000 after purchasing an additional 348 shares during the period. Transcend Capital Advisors LLC raised its stake in Cadence Design Systems by 16.0% in the fourth quarter. Transcend Capital Advisors LLC now owns 1,848 shares of the software maker’s stock worth $555,000 after buying an additional 255 shares in the last quarter. First Bank & Trust raised its stake in Cadence Design Systems by 15.5% in the fourth quarter. First Bank & Trust now owns 2,021 shares of the software maker’s stock worth $607,000 after buying an additional 271 shares in the last quarter. Concurrent Investment Advisors LLC raised its stake in Cadence Design Systems by 13.7% in the fourth quarter. Concurrent Investment Advisors LLC now owns 1,004 shares of the software maker’s stock worth $302,000 after buying an additional 121 shares in the last quarter. Finally, Cumberland Partners Ltd increased its position in shares of Cadence Design Systems by 65.0% during the fourth quarter. Cumberland Partners Ltd now owns 47,927 shares of the software maker’s stock worth $14,400,000 after purchasing an additional 18,874 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,538,875 in the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $258.27 on Monday. The firm’s fifty day moving average is $300.54 and its two-hundred day moving average is $287.48. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The firm has a market cap of $70.83 billion, a price-to-earnings ratio of 66.91, a PEG ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of research analyst reports. Mizuho boosted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday. Bank of America dropped their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Rosenblatt Securities boosted their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Wells Fargo & Company began coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Company 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.