Public Sector Pension Investment Board Acquires 2,998 Shares of Cadence Design Systems, Inc. $CDNS

Public Sector Pension Investment Board raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.7% during the third quarter, HoldingsChannel.com reports. The institutional investor 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of CDNS. Strategic Wealth Investment Group LLC bought a new stake in shares of Cadence Design Systems in the second quarter valued at approximately $32,000. Promus Capital LLC acquired a new stake in Cadence Design Systems during the second quarter worth about $33,000. Robbins Farley bought a new position in Cadence Design Systems during the third quarter valued at about $35,000. Cloud Capital Management LLC acquired a new position in Cadence Design Systems in the 3rd quarter valued at approximately $35,000. Finally, Heartwood Wealth Advisors LLC bought a new stake in shares of Cadence Design Systems in the 3rd quarter worth approximately $39,000. 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 business’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total value of $1,863,470.70. Following the transaction, the vice president owned 20,321 shares of the company’s stock, valued at approximately $6,897,557.03. The trade was a 21.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $295.09, for a total value of $295,090.00. Following the completion of the sale, the vice president owned 95,137 shares of the company’s stock, valued at approximately $28,073,977.33. This trade represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 56,475 shares of company stock worth $18,505,486. 0.37% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wolfe Research restated an “outperform” rating and set a $385.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Citigroup began coverage on shares of Cadence Design Systems in a report on Monday, November 24th. They issued a “buy” rating and a $385.00 price target on the stock. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. Wells Fargo & Company lifted their target price 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, JPMorgan Chase & Co. increased their price target on shares of Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $379.59.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $299.46 on Tuesday. The stock has a market capitalization of $81.51 billion, a P/E ratio of 77.18, a price-to-earnings-growth ratio of 3.33 and a beta of 1.01. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The firm has a 50 day moving average of $310.91 and a 200-day moving average of $329.41.

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.