34,891 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by Union Bancaire Privee UBP SA

Union Bancaire Privee UBP SA acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, Holdings Channel.com reports. The firm acquired 34,891 shares of the software maker’s stock, valued at approximately $9,958,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems during the third quarter valued at about $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems during the third quarter valued at approximately $28,000. Versant Capital Management Inc lifted its position in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC grew its holdings in Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its position in shares of Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after purchasing an additional 47 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the topic of several research analyst reports. Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Mizuho raised their target price on 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, Needham & Company LLC lowered their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $320.48 on Monday. The company’s fifty day moving average price is $306.14 and its 200 day moving average price is $285.14. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The stock has a market capitalization of $87.89 billion, a P/E ratio of 84.12, a P/E/G ratio of 3.70 and a beta of 1.04. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the company posted $1.01 earnings per share. The business’s revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock worth $33,528,267. Corporate insiders own 1.99% 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.