Peterson Wealth Services Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Peterson Wealth Services lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 10,663 shares of the software maker’s stock after buying an additional 136 shares during the quarter. Cadence Design Systems accounts for approximately 1.0% of Peterson Wealth Services’ holdings, making the stock its 29th largest position. Peterson Wealth Services’ holdings in Cadence Design Systems were worth $3,204,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Avior Wealth Management LLC lifted its position in shares of Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after purchasing an additional 36 shares in the last quarter. Dudley Capital Management LLC raised its holdings in Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after acquiring an additional 39 shares in the last quarter. Trust Point Inc. raised its holdings in Cadence Design Systems by 2.9% in the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after acquiring an additional 40 shares in the last quarter. Falcon Wealth Planning raised its holdings in Cadence Design Systems by 5.1% in the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after acquiring an additional 40 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC raised its holdings in Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after acquiring an additional 40 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on CDNS shares. Mizuho upped their price target on shares of 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 price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Finally, Needham & Company LLC lowered their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Up 2.0 %

Cadence Design Systems stock opened at $305.63 on Tuesday. The company has a 50-day simple moving average of $304.59 and a 200-day simple moving average of $285.16. The firm has a market capitalization of $83.82 billion, a P/E ratio of 80.22, a P/E/G ratio of 3.50 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, Inc. has a one year low of $241.29 and a one year high of $328.99.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the transaction, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,416 shares of company stock worth $33,538,875. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Profile

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.