PNC Financial Services Group Inc. Has $128.62 Million Stake in Cadence Design Systems, Inc. $CDNS

PNC Financial Services Group Inc. grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 366,155 shares of the software maker’s stock after purchasing an additional 45,761 shares during the period. PNC Financial Services Group Inc. owned about 0.13% of Cadence Design Systems worth $128,616,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CDNS. HighTower Advisors LLC lifted its stake in Cadence Design Systems by 18.6% in the 3rd quarter. HighTower Advisors LLC now owns 54,088 shares of the software maker’s stock valued at $18,999,000 after purchasing an additional 8,479 shares during the last quarter. Uniting Wealth Partners LLC acquired a new position in shares of Cadence Design Systems during the third quarter worth $202,000. DDD Partners LLC bought a new position in shares of Cadence Design Systems in the 3rd quarter valued at $11,572,000. Lyell Wealth Management LP lifted its stake in shares of Cadence Design Systems by 0.9% in the 3rd quarter. Lyell Wealth Management LP now owns 50,784 shares of the software maker’s stock valued at $17,838,000 after acquiring an additional 445 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. acquired a new stake in shares of Cadence Design Systems during the 3rd quarter valued at $372,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 5,490 shares of the stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the transaction, the vice president directly owned 20,321 shares in the company, valued at approximately $6,897,557.03. This represents a 21.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $295.09, for a total transaction of $295,090.00. Following the completion of the sale, the vice president owned 95,137 shares of the company’s stock, valued at $28,073,977.33. This represents a 1.04% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 56,475 shares of company stock worth $18,505,486. Corporate insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CDNS. KeyCorp reaffirmed an “overweight” rating and issued a $405.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Wolfe Research reaffirmed an “outperform” rating and issued a $385.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Citigroup assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 24th. They set a “buy” rating and a $385.00 target price on the stock. Wells Fargo & Company upped their price target on shares of Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $390.00 price target on shares of Cadence Design Systems in a research note on Monday, December 22nd. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $379.59.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $299.46 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The company has a 50 day simple moving average of $311.67 and a two-hundred day simple moving average of $329.86. The company has a market capitalization of $81.51 billion, a PE ratio of 77.18, a P/E/G ratio of 3.33 and a beta of 1.01.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.