Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 4,472 shares of the software maker’s stock after purchasing an additional 312 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Cadence Design Systems were worth $1,344,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in Cadence Design Systems by 25.4% during the fourth quarter. GAMMA Investing LLC now owns 3,911 shares of the software maker’s stock worth $1,175,000 after acquiring an additional 792 shares during the period. Versant Capital Management Inc grew its stake in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the last quarter. Dantai Capital Ltd raised its holdings in shares of Cadence Design Systems by 44.0% in the 3rd quarter. Dantai Capital Ltd now owns 6,377 shares of the software maker’s stock worth $1,728,000 after purchasing an additional 1,947 shares in the last quarter. Synovus Financial Corp lifted its stake in Cadence Design Systems by 16.3% during the third quarter. Synovus Financial Corp now owns 2,851 shares of the software maker’s stock valued at $773,000 after purchasing an additional 400 shares during the last quarter. Finally, Tidal Investments LLC boosted its holdings in Cadence Design Systems by 5.5% during the third quarter. Tidal Investments LLC now owns 25,173 shares of the software maker’s stock worth $6,823,000 after buying an additional 1,317 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Up 2.8 %

Shares of NASDAQ CDNS traded up $8.45 during trading hours on Friday, hitting $306.11. The stock had a trading volume of 457,609 shares, compared to its average volume of 790,751. The firm’s 50-day moving average price is $300.69 and its two-hundred day moving average price is $286.47. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a market capitalization of $83.95 billion, a P/E ratio of 80.34, a P/E/G ratio of 4.19 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.01 earnings per share. Analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on CDNS. Mizuho upped their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. Finally, Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $327.92.

Insiders Place Their Bets

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the sale, the chief financial officer now owns 29,248 shares of the company’s stock, valued at $9,038,509.44. This represents a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares of the company’s stock, valued at $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,220 shares of company stock valued at $3,085,474 over the last three months. 1.99% of the stock is currently owned by insiders.

About Cadence Design Systems

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.