UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $1.08 Billion Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,988,851 shares of the software maker’s stock after acquiring an additional 37,452 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 1.45% of Cadence Design Systems worth $1,081,098,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Fiduciary Trust Co boosted its holdings in Cadence Design Systems by 2.6% in the third quarter. Fiduciary Trust Co now owns 3,131 shares of the software maker’s stock valued at $849,000 after acquiring an additional 80 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Cadence Design Systems by 273.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 200,893 shares of the software maker’s stock worth $54,448,000 after purchasing an additional 147,079 shares during the period. National Wealth Management Group LLC bought a new position in shares of Cadence Design Systems during the third quarter worth $678,000. CreativeOne Wealth LLC grew its holdings in shares of Cadence Design Systems by 90.8% in the 3rd quarter. CreativeOne Wealth LLC now owns 6,093 shares of the software maker’s stock valued at $1,651,000 after buying an additional 2,900 shares during the period. Finally, BNP Paribas increased its holdings in shares of Cadence Design Systems by 2.1% in the third quarter. BNP Paribas now owns 5,827 shares of the software maker’s stock worth $1,581,000 after acquiring an additional 120 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares of the company’s stock, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,634 shares of company stock worth $1,558,535 over the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Cadence Design Systems Trading Down 1.7 %

CDNS stock opened at $304.68 on Thursday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a market capitalization of $83.56 billion, a PE ratio of 79.97, a price-to-earnings-growth ratio of 4.24 and a beta of 1.02. The company’s 50-day simple moving average is $280.77 and its 200 day simple moving average is $284.12. 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 announced its 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 net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the business posted $1.01 EPS. The business’s revenue was up 18.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Wall Street Analyst Weigh In

CDNS has been the topic of several recent research reports. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. Mizuho assumed coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. Finally, Wells Fargo & Company began 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $326.00.

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.