PNC Financial Services Group Inc. Purchases 45,761 Shares of Cadence Design Systems, Inc. $CDNS

PNC Financial Services Group Inc. raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 366,155 shares of the software maker’s stock after acquiring an additional 45,761 shares during the period. PNC Financial Services Group Inc.’s holdings in Cadence Design Systems were worth $128,616,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of CDNS. Norges Bank acquired a new stake in Cadence Design Systems in the 2nd quarter valued at $1,190,618,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Cadence Design Systems by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock valued at $1,866,739,000 after buying an additional 731,788 shares in the last quarter. Voya Investment Management LLC grew its holdings in shares of Cadence Design Systems by 914.2% during the third quarter. Voya Investment Management LLC now owns 691,071 shares of the software maker’s stock valued at $242,746,000 after buying an additional 622,934 shares during the last quarter. Scge Management L.P. bought a new stake in shares of Cadence Design Systems during the second quarter worth about $187,663,000. Finally, Bain Capital Public Equity Management II LLC bought a new position in Cadence Design Systems in the 2nd quarter valued at about $130,534,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total value of $60,746.40. Following the transaction, the director directly owned 7,650 shares in the company, valued at $2,581,722. This represents a 2.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John M. Wall sold 27,805 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total value of $8,857,838.85. Following the completion of the sale, the chief financial officer directly owned 69,957 shares in the company, valued at approximately $22,286,201.49. The trade was a 28.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 56,475 shares of company stock valued at $18,505,486 in the last ninety days. 0.37% of the stock is owned by insiders.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $299.46 on Monday. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. The firm has a market capitalization 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 firm’s 50 day simple moving average is $311.67 and its 200 day simple moving average is $329.86.

Analyst Ratings Changes

A number of research firms recently commented on CDNS. Robert W. Baird increased their price target on Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a report on Tuesday, October 28th. Oppenheimer raised shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price objective on the stock in a report on Monday, December 1st. Wolfe Research reiterated an “outperform” rating and issued a $385.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Finally, KeyCorp reissued an “overweight” rating and issued a $405.00 price target on shares of Cadence Design Systems in a research report 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’s stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $379.59.

About Cadence Design Systems

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.