Union Bancaire Privee UBP SA Reduces Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Union Bancaire Privee UBP SA decreased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,467 shares of the software maker’s stock after selling 424 shares during the quarter. Union Bancaire Privee UBP SA’s holdings in Cadence Design Systems were worth $8,349,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Accredited Investors Inc. boosted its holdings in Cadence Design Systems by 1.7% in the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker’s stock valued at $654,000 after acquiring an additional 36 shares in the last quarter. Principal Street Partners LLC lifted its position in shares of Cadence Design Systems by 2.6% in the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker’s stock worth $437,000 after purchasing an additional 37 shares during the period. Lindbrook Capital LLC boosted its stake in shares of Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock valued at $670,000 after purchasing an additional 38 shares in the last quarter. Oarsman Capital Inc. increased its position in shares of Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker’s stock valued at $313,000 after buying an additional 38 shares during the period. Finally, Empower Advisory Group LLC increased its position in shares of Cadence Design Systems by 4.9% during the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after buying an additional 41 shares during the period. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares of the company’s stock, valued at $27,486,979.36. This represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the transaction, the director now directly owns 7,411 shares of the company’s stock, valued at approximately $2,038,025. This trade represents a 2.37% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,625 shares of company stock worth $5,670,453. Insiders own 0.37% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $307.20 on Thursday. The business has a fifty day moving average price of $289.74 and a 200-day moving average price of $287.46. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The company has a market capitalization of $83.88 billion, a PE ratio of 79.59, a PEG ratio of 3.88 and a beta of 0.99. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Cadence Design Systems’s revenue was up 23.1% compared to the same quarter last year. During the same period last year, the business earned $1.17 EPS. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on CDNS shares. Mizuho raised their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Wells Fargo & Company raised their target price on Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday, May 13th. Finally, KeyCorp raised their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $325.23.

Cadence Design Systems Profile

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.