Penobscot Investment Management Company Inc. Increases Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Penobscot Investment Management Company Inc. raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 76.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,400 shares of the software maker's stock after acquiring an additional 3,640 shares during the period. Penobscot Investment Management Company Inc.'s holdings in Cadence Design Systems were worth $2,288,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems during the 3rd quarter valued at about $26,000. Valley National Advisers Inc. increased its stake in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker's stock worth $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC bought a new stake in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Rakuten Securities Inc. purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $45,000. Finally, Catalyst Capital Advisors LLC grew its holdings in shares of Cadence Design Systems by 34.7% in the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker's stock worth $47,000 after purchasing an additional 52 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Down 2.4 %

CDNS traded down $6.86 during midday trading on Tuesday, reaching $275.63. The company's stock had a trading volume of 1,705,392 shares, compared to its average volume of 1,578,492. The stock's 50-day moving average is $303.69 and its 200-day moving average is $281.82. Cadence Design Systems, Inc. has a 1 year low of $198.92 and a 1 year high of $327.36. The firm has a market capitalization of $75.01 billion, a price-to-earnings ratio of 73.57, a PEG ratio of 3.32 and a beta of 1.04. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1 billion. During the same quarter in the previous year, the business earned $1.02 earnings per share. The firm's quarterly revenue was down 1.2% compared to the same quarter last year. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CDNS. Rosenblatt Securities reissued a "neutral" rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. KeyCorp raised their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an "overweight" rating in a research note on Monday, April 15th. StockNews.com raised Cadence Design Systems from a "hold" rating to a "buy" rating in a research report on Wednesday, April 24th. Stifel Nicolaus increased their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, February 13th. Finally, Robert W. Baird boosted their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an "outperform" rating in a research note on Thursday, April 18th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $326.11.

Insider Activity at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the company's stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares of the company's stock, valued at approximately $6,544,496.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Thomas P. Beckley sold 65,268 shares of the company's stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the firm's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 173,044 shares of company stock valued at $52,231,207. 0.62% of the stock is 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.