Pinnacle Wealth Planning Services Inc. Reduces Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Pinnacle Wealth Planning Services Inc. cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,209 shares of the software maker’s stock after selling 317 shares during the period. Pinnacle Wealth Planning Services Inc.’s holdings in Cadence Design Systems were worth $363,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Lindbrook Capital LLC grew its position in shares of Cadence Design Systems by 1.7% in the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock valued at $670,000 after purchasing an additional 38 shares in the last quarter. Geneva Capital Management LLC grew its position in shares of Cadence Design Systems by 11.9% in the fourth quarter. Geneva Capital Management LLC now owns 84,367 shares of the software maker’s stock valued at $25,349,000 after purchasing an additional 8,993 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Cadence Design Systems in the fourth quarter valued at approximately $171,991,000. Dana Investment Advisors Inc. lifted its holdings in Cadence Design Systems by 6.0% in the fourth quarter. Dana Investment Advisors Inc. now owns 10,684 shares of the software maker’s stock valued at $3,210,000 after acquiring an additional 607 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in Cadence Design Systems by 1.1% in the fourth quarter. Arizona State Retirement System now owns 78,886 shares of the software maker’s stock valued at $23,702,000 after acquiring an additional 868 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Wall sold 4,224 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the sale, the chief financial officer now owns 29,248 shares of the company’s stock, valued at $9,038,509.44. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,504,126. 1.99% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CDNS shares. Piper Sandler upped their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Rosenblatt Securities increased their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $243.16 on Friday. The firm has a market capitalization of $66.65 billion, a PE ratio of 62.99, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03. The business’s fifty day moving average price is $289.91 and its 200 day moving average price is $285.68. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 12 month low of $233.72 and a 12 month high of $328.99.

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

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.