Central Pacific Bank Trust Division Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Central Pacific Bank Trust Division raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,472 shares of the software maker’s stock after purchasing an additional 312 shares during the period. 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.

A number of other large investors also recently bought and sold shares of the stock. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $28,000. Versant Capital Management Inc grew its holdings in shares of Cadence Design Systems by 164.2% during 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 period. Prestige Wealth Management Group LLC increased its position in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after buying an additional 47 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CDNS. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Needham & Company LLC reduced their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $327.92.

Insider Activity

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the transaction, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at $9,038,509.44. The trade was a 12.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the sale, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 3.44 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,220 shares of company stock valued at $3,085,474. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Up 2.8 %

NASDAQ CDNS traded up $8.45 on Friday, hitting $306.11. 457,609 shares of the stock traded hands, compared to its average volume of 790,751. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $83.95 billion, a P/E ratio of 80.34, a price-to-earnings-growth ratio of 4.19 and a beta of 1.03. The stock has a 50-day moving average of $300.69 and a 200 day moving average of $286.47.

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

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.