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

Peterson Wealth Services boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1,501.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 187,115 shares of the software maker’s stock after acquiring an additional 175,430 shares during the period. Cadence Design Systems comprises about 14.9% of Peterson Wealth Services’ holdings, making the stock its biggest holding. Peterson Wealth Services’ holdings in Cadence Design Systems were worth $65,726,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Strategic Wealth Investment Group LLC acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth about $32,000. Promus Capital LLC acquired a new position in shares of Cadence Design Systems during the second quarter valued at approximately $33,000. Robbins Farley purchased a new position in shares of Cadence Design Systems in the third quarter valued at approximately $35,000. Cloud Capital Management LLC acquired a new stake in shares of Cadence Design Systems in the third quarter worth approximately $35,000. Finally, E Fund Management Hong Kong Co. Ltd. boosted its stake in shares of Cadence Design Systems by 41.1% in the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock worth $39,000 after acquiring an additional 37 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price objective on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Citigroup initiated coverage on shares of Cadence Design Systems in a report on Monday, November 24th. They set a “buy” rating and a $385.00 target price for the company. Oppenheimer raised shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target on the stock in a research note on Monday, December 1st. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $390.00 price objective on shares of Cadence Design Systems in a report on Monday, December 22nd. Thirteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $379.59.

Cadence Design Systems Trading Down 2.4%

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

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 20,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer owned 195,844 shares of the company’s stock, valued at $66,586,960. This represents a 9.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total transaction of $60,746.40. Following the sale, the director owned 7,650 shares of the company’s stock, valued at $2,581,722. This represents a 2.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 61,025 shares of company stock worth $20,029,686 over the last ninety days. 0.37% of the stock is currently owned by 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.