Cadence Design Systems, Inc. $CDNS Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.7% in the third quarter, according to its most recent filing with the SEC. The fund owned 28,707 shares of the software maker’s stock after acquiring an additional 2,998 shares during the period. Public Sector Pension Investment Board’s holdings in Cadence Design Systems were worth $10,084,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CDNS. Tiemann Investment Advisors LLC lifted its holdings in shares of Cadence Design Systems by 2.9% during the second quarter. Tiemann Investment Advisors LLC now owns 1,050 shares of the software maker’s stock valued at $324,000 after purchasing an additional 30 shares during the last quarter. Occidental Asset Management LLC raised its holdings in Cadence Design Systems by 2.3% during the 3rd quarter. Occidental Asset Management LLC now owns 1,321 shares of the software maker’s stock worth $464,000 after buying an additional 30 shares during the period. Whittier Trust Co. lifted its position in shares of Cadence Design Systems by 0.4% in the 3rd quarter. Whittier Trust Co. now owns 7,072 shares of the software maker’s stock valued at $2,456,000 after acquiring an additional 30 shares in the last quarter. Cornerstone Wealth Group LLC grew its position in Cadence Design Systems by 4.3% during the 3rd quarter. Cornerstone Wealth Group LLC now owns 777 shares of the software maker’s stock worth $273,000 after purchasing an additional 32 shares in the last quarter. Finally, KRS Capital Management LLC raised its stake in Cadence Design Systems by 1.4% during the 3rd quarter. KRS Capital Management LLC now owns 2,425 shares of the software maker’s stock valued at $852,000 after purchasing an additional 33 shares during the period. 84.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on CDNS shares. Wells Fargo & Company raised their price objective on Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $390.00 price target on shares of Cadence Design Systems in a research note on Monday, December 22nd. Citigroup began coverage on Cadence Design Systems in a research report on Monday, November 24th. They set a “buy” rating and a $385.00 price objective for the company. KeyCorp reaffirmed an “overweight” rating and issued a $405.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Finally, Robert W. Baird raised their price target on Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Thirteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $379.59.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 20,000 shares of the company’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the completion of the sale, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at approximately $66,586,960. This represents a 9.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Scannell sold 5,490 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the completion of the transaction, the vice president owned 20,321 shares in the company, valued at $6,897,557.03. The trade was a 21.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 56,475 shares of company stock worth $18,505,486. 0.37% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Performance

CDNS opened at $299.46 on Tuesday. The company has a market cap of $81.51 billion, a PE ratio of 77.18, a price-to-earnings-growth ratio of 3.33 and a beta of 1.01. The stock has a 50-day moving average of $310.91 and a 200-day moving average of $329.41. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. 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 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.