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

United Asset Strategies Inc. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,233 shares of the software maker’s stock after acquiring an additional 209 shares during the period. United Asset Strategies Inc.’s holdings in Cadence Design Systems were worth $1,873,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its stake in shares of Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after purchasing an additional 79,268 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the last quarter. Avanza Fonder AB purchased a new position in shares of Cadence Design Systems in the 4th quarter worth about $6,046,000. Caisse DE Depot ET Placement DU Quebec bought a new position in shares of Cadence Design Systems in the third quarter worth approximately $24,026,000. Finally, Zhang Financial LLC purchased a new stake in Cadence Design Systems during the 4th quarter valued at $381,000. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of research analyst reports. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Loop Capital assumed coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Mizuho boosted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Robert W. Baird raised their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now owns 61,111 shares of the company’s stock, valued at $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,416 shares of company stock valued at $33,528,267. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $320.48 on Monday. The stock has a market capitalization of $87.89 billion, a price-to-earnings ratio of 84.12, a P/E/G ratio of 3.70 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The stock has a fifty day simple moving average of $306.14 and a two-hundred day simple moving average of $285.14.

Cadence Design Systems (NASDAQ:CDNS) last issued 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 company 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 firm posted $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS 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.