Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Boosted by Mount Yale Investment Advisors LLC

Mount Yale Investment Advisors LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 81.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,849 shares of the software maker’s stock after purchasing an additional 828 shares during the quarter. Mount Yale Investment Advisors LLC’s holdings in Cadence Design Systems were worth $569,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CDNS. Fiduciary Trust Co increased its holdings in shares of Cadence Design Systems by 0.6% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after acquiring an additional 39 shares during the last quarter. Capital Market Strategies LLC boosted its position in Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after buying an additional 39 shares in the last quarter. Inspire Advisors LLC increased its holdings in Cadence Design Systems by 1.8% during the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock valued at $694,000 after purchasing an additional 40 shares in the last quarter. Wealthcare Advisory Partners LLC grew its holdings in shares of Cadence Design Systems by 4.5% during the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after purchasing an additional 41 shares during the last quarter. Finally, First Affirmative Financial Network increased its position in Cadence Design Systems by 3.6% in the 1st quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after acquiring an additional 46 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. KeyCorp lifted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Finally, Robert W. Baird cut their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the transaction, the director now owns 43,551 shares of the company’s stock, valued at $12,019,204.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the transaction, the director now directly owns 43,551 shares of the company’s stock, valued at $12,019,204.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. Insiders sold a total of 38,272 shares of company stock worth $10,833,362 in the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Up 0.1 %

Shares of CDNS opened at $274.08 on Tuesday. The company has a market capitalization of $74.67 billion, a PE ratio of 71.38, a PEG ratio of 3.19 and a beta of 1.02. The stock’s 50-day moving average price is $268.72 and its two-hundred day moving average price is $289.89. 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 12 month low of $227.05 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.94 earnings per share. On average, analysts anticipate that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

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.