United Asset Strategies Inc. Buys 209 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

United Asset Strategies Inc. raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,233 shares of the software maker’s stock after purchasing an additional 209 shares during the period. United Asset Strategies Inc.’s holdings in Cadence Design Systems were worth $1,873,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Daymark Wealth Partners LLC purchased a new position in shares of Cadence Design Systems during the 2nd quarter valued at approximately $266,000. Susquehanna Fundamental Investments LLC acquired a new position in Cadence Design Systems during the second quarter worth about $1,914,000. Creative Planning grew its position in shares of Cadence Design Systems by 9.3% in the second quarter. Creative Planning now owns 44,351 shares of the software maker’s stock valued at $13,649,000 after purchasing an additional 3,771 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Cadence Design Systems by 17.4% in the 2nd quarter. NewEdge Advisors LLC now owns 29,885 shares of the software maker’s stock worth $9,197,000 after acquiring an additional 4,434 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Cadence Design Systems by 5.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 27,929 shares of the software maker’s stock worth $8,595,000 after purchasing an additional 1,523 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $320.48 on Monday. The company’s 50-day moving average price is $306.14 and its two-hundred day moving average price is $285.14. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The firm has a market cap of $87.89 billion, a PE ratio of 84.12, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the business earned $1.01 earnings per share. The company’s revenue was up 18.8% compared to the same quarter last year. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the transaction, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,416 shares of company stock valued at $33,528,267. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CDNS. Needham & Company LLC decreased their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $329.50.

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.