Union Savings Bank Buys New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Union Savings Bank bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 120 shares of the software maker’s stock, valued at approximately $33,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Valley National Advisers Inc. boosted its position in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new position in Cadence Design Systems in the fourth quarter worth approximately $28,000. Rakuten Securities Inc. acquired a new stake in Cadence Design Systems during the fourth quarter worth $45,000. Catalyst Capital Advisors LLC raised its position in Cadence Design Systems by 34.7% in the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after purchasing an additional 52 shares during the period. Finally, Altshuler Shaham Ltd lifted its stake in shares of Cadence Design Systems by 155.2% in the 3rd quarter. Altshuler Shaham Ltd now owns 319 shares of the software maker’s stock valued at $75,000 after purchasing an additional 194 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the transaction, the vice president now owns 61,150 shares in the company, valued at approximately $18,583,485. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now owns 49,551 shares in the company, valued at approximately $14,228,074.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. Insiders sold 109,298 shares of company stock valued at $33,247,394 in the last ninety days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 2.1 %

NASDAQ:CDNS traded up $6.08 during midday trading on Thursday, reaching $298.92. The company had a trading volume of 686,117 shares, compared to its average volume of 1,518,150. The stock’s fifty day simple moving average is $296.56 and its 200-day simple moving average is $286.72. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 12-month low of $203.13 and a 12-month high of $327.36. The firm has a market capitalization of $81.35 billion, a price-to-earnings ratio of 77.71, a PEG ratio of 3.55 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.02 earnings per share. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Stifel Nicolaus increased their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Robert W. Baird boosted their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $326.11.

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.