Peterson Wealth Services Acquires 175,430 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• Peterson Wealth Services bought an additional 175,430 shares of Cadence Design Systems in Q3—raising its stake by 1,501.3% to 187,115 shares, making Cadence about 14.9% of the firm's portfolio and worth roughly $65.7 million.
• Cadence is heavily institutionally owned (about 84.85%); major managers like Vanguard, State Street and MFS have recently increased positions, and analysts hold a consensus "Moderate Buy" with an average price target near $379.6 while the stock trades around $289 (market cap ≈ $78.7B).

Peterson Wealth Services grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1,501.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 187,115 shares of the software maker's stock after purchasing an additional 175,430 shares during the period. Cadence Design Systems makes up about 14.9% of Peterson Wealth Services' portfolio, making the stock its biggest holding. Peterson Wealth Services owned about 0.07% of Cadence Design Systems worth $65,726,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Cadence Design Systems by 1.0% during the second quarter. Vanguard Group Inc. now owns 26,595,861 shares of the software maker's stock worth $8,195,515,000 after acquiring an additional 256,719 shares during the last quarter. State Street Corp grew its position in Cadence Design Systems by 1.4% during the 2nd quarter. State Street Corp now owns 12,318,585 shares of the software maker's stock worth $3,795,972,000 after purchasing an additional 172,551 shares during the last quarter. Jennison Associates LLC increased its stake in Cadence Design Systems by 3.0% during the 2nd quarter. Jennison Associates LLC now owns 9,338,102 shares of the software maker's stock valued at $2,877,536,000 after purchasing an additional 273,149 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Cadence Design Systems by 1.2% in the second quarter. Geode Capital Management LLC now owns 6,363,734 shares of the software maker's stock worth $1,952,771,000 after buying an additional 77,478 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings 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 worth $1,866,739,000 after buying an additional 731,788 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 2.4%

Shares of CDNS opened at $289.19 on Tuesday. The company has a market capitalization of $78.72 billion, a price-to-earnings ratio of 74.53, a PEG ratio of 3.31 and a beta of 1.01. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $376.45. The stock's 50-day moving average price is $317.58 and its 200-day moving average price is $332.93. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48.

Analyst Ratings Changes

Several equities analysts recently issued reports on CDNS shares. Oppenheimer raised Cadence Design Systems from an "underperform" rating to a "market perform" rating and set a $275.00 target price on the stock in a research report on Monday, December 1st. Rosenblatt Securities boosted their price target on Cadence Design Systems from $320.00 to $335.00 and gave the company a "neutral" rating in a research note on Tuesday, October 28th. JPMorgan Chase & Co. raised their price objective on Cadence Design Systems from $390.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 28th. Citigroup began coverage on Cadence Design Systems in a report on Monday, November 24th. They set a "buy" rating and a $385.00 target price for the company. Finally, Wolfe Research reiterated an "outperform" rating and issued a $385.00 target price 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 given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $379.59.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $315.70, for a total value of $315,700.00. Following the completion of the transaction, the vice president owned 96,067 shares in the company, valued at approximately $30,328,351.90. This represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 20,000 shares of the firm's stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $340.00, for a total value of $6,800,000.00. Following the sale, the chief executive officer owned 195,844 shares in the company, valued at $66,586,960. This trade represents a 9.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 61,025 shares of company stock worth $20,029,686. 0.37% of the stock is currently owned by corporate insiders.

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.

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