United Asset Strategies Inc. Sells 80 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

United Asset Strategies Inc. reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 6,023 shares of the software maker’s stock after selling 80 shares during the quarter. United Asset Strategies Inc.’s holdings in Cadence Design Systems were worth $1,640,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CDNS. Cibc World Market Inc. grew its position in shares of Cadence Design Systems by 2.7% during the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after buying an additional 571 shares during the period. Prudential PLC acquired a new position in shares of Cadence Design Systems during the 1st quarter worth about $1,160,000. Loomis Sayles & Co. L P grew its position in shares of Cadence Design Systems by 1,030.1% in the 1st 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 1st 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 grew its position in shares of Cadence Design Systems by 26.8% in the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after purchasing an additional 3,433 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CDNS has been the subject of several research analyst reports. KeyCorp boosted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday. Rosenblatt Securities downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating and upped their price target for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Wells Fargo & Company upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday. Piper Sandler assumed coverage on Cadence Design Systems in a research report on Thursday, April 4th. They set a “neutral” rating and a $334.00 price target for the company. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $316.10.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $300.81 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The stock’s fifty day moving average price is $306.73 and its two-hundred day moving average price is $279.25. Cadence Design Systems, Inc. has a one year low of $194.01 and a one year high of $327.36. The firm has a market cap of $81.89 billion, a price-to-earnings ratio of 78.75, a P/E/G ratio of 3.66 and a beta of 1.04.

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

Insider Activity at Cadence Design Systems

In related news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 1,454 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The disclosure for this sale can be found here. Insiders have sold 212,044 shares of company stock valued at $63,106,522 over the last ninety days. 0.62% of the stock is owned by corporate insiders.

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.