United Asset Strategies Inc. Cuts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

United Asset Strategies Inc. decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,023 shares of the software maker’s stock after selling 80 shares during the period. United Asset Strategies Inc.’s holdings in Cadence Design Systems were worth $1,640,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cibc World Market Inc. grew its position in shares of Cadence Design Systems by 2.7% in the first quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock valued at $3,541,000 after purchasing an additional 571 shares during the period. Prudential PLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at about $1,160,000. Loomis Sayles & Co. L P grew its position in shares of Cadence Design Systems by 1,030.1% in the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock valued at $457,000 after purchasing an additional 2,534 shares during the period. Zions Bancorporation N.A. grew its position in shares of Cadence Design Systems by 108.3% in the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after purchasing an additional 117 shares during the period. Finally, NewEdge Advisors LLC boosted its position in Cadence Design Systems by 26.8% during the first quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock worth $2,669,000 after acquiring an additional 3,433 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on CDNS. Rosenblatt Securities lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 13th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Piper Sandler assumed coverage on shares of Cadence Design Systems in a report on Thursday, April 4th. They issued a “neutral” rating and a $334.00 target price on the stock. Finally, KeyCorp boosted their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $316.10.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $300.81 on Wednesday. The company’s 50 day simple moving average is $306.73 and its 200-day simple moving average is $279.25. The company has a market capitalization of $81.89 billion, a price-to-earnings ratio of 78.75, a price-to-earnings-growth ratio of 3.66 and a beta of 1.04. Cadence Design Systems, Inc. has a 1 year low of $194.01 and a 1 year high of $327.36. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the prior year, the firm earned $0.75 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO John M. Wall sold 36,000 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the sale, the chief financial officer now directly owns 80,594 shares of the company’s stock, valued at approximately $22,361,611.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO John M. Wall sold 36,000 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the sale, the chief financial officer now directly owns 80,594 shares of the company’s stock, valued at approximately $22,361,611.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the transaction, the chief executive officer now owns 136,455 shares of the company’s stock, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. Insiders have sold a total of 212,044 shares of company stock valued at $63,106,522 in the last ninety days. Company insiders own 0.62% of the company’s stock.

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.