Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 33.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,636 shares of the software maker’s stock after buying an additional 408 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Cadence Design Systems were worth $503,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Ulland Investment Advisors LLC acquired a new position in Cadence Design Systems during the 1st quarter valued at about $25,000. RiverPark Advisors LLC bought a new position in Cadence Design Systems in the 1st quarter worth approximately $26,000. ORG Partners LLC increased its position in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the period. Annapolis Financial Services LLC bought a new stake in Cadence Design Systems during the 1st quarter valued at $32,000. Finally, Union Savings Bank bought a new position in shares of Cadence Design Systems in the fourth quarter worth $33,000. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CDNS shares. Bank of America upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Finally, KeyCorp boosted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $334.56.

Cadence Design Systems Stock Down 0.5 %

NASDAQ:CDNS traded down $1.44 during trading hours on Tuesday, hitting $280.52. 309,457 shares of the stock traded hands, compared to its average volume of 1,714,424. The firm has a market cap of $76.42 billion, a price-to-earnings ratio of 73.43, a PEG ratio of 3.14 and a beta of 1.03. The firm has a 50 day moving average price of $292.35 and a 200 day moving average price of $296.02. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a fifty-two week low of $221.66 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the business earned $0.94 EPS. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the transaction, the director now directly owns 48,051 shares in the company, valued at approximately $14,852,083.59. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $287.31, for a total transaction of $172,386.00. Following the completion of the sale, the senior vice president now directly owns 19,880 shares in the company, valued at $5,711,722.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the sale, the director now directly owns 48,051 shares in the company, valued at approximately $14,852,083.59. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,397 shares of company stock worth $17,805,844. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Company 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.