Penobscot Investment Management Company Inc. Has $2.54 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Penobscot Investment Management Company Inc. decreased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.1% during the 1st quarter, HoldingsChannel reports. The fund owned 9,994 shares of the software maker’s stock after selling 1,509 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Cadence Design Systems were worth $2,542,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ancora Advisors LLC lifted its position in Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after purchasing an additional 112 shares during the period. Avalon Trust Co bought a new position in Cadence Design Systems in the fourth quarter worth $39,000. OFI Invest Asset Management bought a new position in Cadence Design Systems in the fourth quarter worth $46,000. Synergy Investment Management LLC bought a new position in Cadence Design Systems in the fourth quarter worth $50,000. Finally, Intact Investment Management Inc. bought a new position in Cadence Design Systems in the fourth quarter worth $60,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 0.2%

Shares of NASDAQ CDNS opened at $297.53 on Thursday. The business has a fifty day moving average of $298.96 and a two-hundred day moving average of $286.68. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $326.19. The stock has a market cap of $81.24 billion, a PE ratio of 75.32, a PEG ratio of 4.11 and a beta of 0.98.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the business posted $1.17 earnings per share. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on CDNS shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Oppenheimer reduced their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Mizuho lifted their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. Finally, Wells Fargo & Company lifted their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $325.23.

Insider Activity at Cadence Design Systems

In related news, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the completion of the transaction, the vice president now directly owns 28,442 shares of the company’s stock, valued at $8,532,600. The trade was a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $302.00, for a total value of $302,000.00. Following the completion of the sale, the vice president now owns 106,499 shares of the company’s stock, valued at approximately $32,162,698. The trade was a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,625 shares of company stock valued at $5,972,453 over the last ninety days. 1.99% of the stock is owned by insiders.

Cadence Design Systems Company 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.