Mount Yale Investment Advisors LLC Boosts Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mount Yale Investment Advisors LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 81.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,849 shares of the software maker’s stock after buying an additional 828 shares during the quarter. Mount Yale Investment Advisors LLC’s holdings in Cadence Design Systems were worth $569,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in CDNS. Swedbank AB purchased a new position in shares of Cadence Design Systems during the first quarter worth approximately $439,988,000. Principal Financial Group Inc. increased its stake in Cadence Design Systems by 280.1% in the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after purchasing an additional 1,119,824 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after buying an additional 468,195 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after buying an additional 459,603 shares during the period. Finally, 1832 Asset Management L.P. increased its position in Cadence Design Systems by 111.5% in the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock valued at $266,583,000 after acquiring an additional 451,530 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $413,970.00. Following 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 SEC, which is available at the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 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 $181,870.82. Following the sale, the senior vice president now directly owns 16,029 shares in the company, valued at $4,423,683.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last quarter, insiders sold 38,272 shares of company stock valued at $10,833,362. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $274.08 on Tuesday. The stock has a fifty day moving average price of $268.72 and a 200 day moving average price of $289.89. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock has a market cap of $74.67 billion, a PE ratio of 71.38, a P/E/G ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99.

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

Analyst Ratings Changes

A number of analysts have weighed in on CDNS shares. Robert W. Baird decreased their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Bank of America raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Finally, KeyCorp increased their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

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.