PNC Financial Services Group Inc. Has $93.93 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

PNC Financial Services Group Inc. lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 312,633 shares of the software maker’s stock after acquiring an additional 2,337 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cadence Design Systems were worth $93,934,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CDNS. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in Cadence Design Systems by 2.9% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,119,195 shares of the software maker’s stock worth $363,523,000 after purchasing an additional 31,339 shares in the last quarter. Haven Private LLC purchased a new stake in Cadence Design Systems during the fourth quarter valued at about $499,000. Callan Family Office LLC purchased a new stake in Cadence Design Systems in the fourth quarter worth approximately $908,000. Welch & Forbes LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at $204,000. Finally, E Fund Management Co. Ltd. increased its holdings in shares of Cadence Design Systems by 88.9% in the fourth quarter. E Fund Management Co. Ltd. now owns 12,207 shares of the software maker’s stock worth $3,668,000 after buying an additional 5,746 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.0 %

Shares of NASDAQ:CDNS opened at $243.21 on Friday. Cadence Design Systems, Inc. has a 1 year low of $233.72 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The business’s 50 day moving average price is $288.68 and its 200-day moving average price is $285.44. The firm has a market capitalization of $66.67 billion, a price-to-earnings ratio of 63.01, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly 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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Loop Capital dropped their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research 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. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Finally, Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” 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 issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $326.92.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,416 shares of company stock worth $33,504,126. Company insiders own 1.99% of the company’s stock.

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.