Elite Wealth Management Inc. Makes New $5.23 Million Investment in Cadence Design Systems, Inc. $CDNS

Key Points

• Elite Wealth Management initiated a position in Cadence Design Systems, buying 15,850 shares worth approximately $5.23 million; the stock represents about 1% of its portfolio.
• Cadence beat quarterly estimates, reporting EPS of $2.11 versus $2.05 expected and revenue of $1.63 billion, up 22% year over year.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $410.05; 19 rate the stock Buy or Strong Buy, while three recommend Hold.

Elite Wealth Management Inc. bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 15,850 shares of the software maker's stock, valued at approximately $5,233,000. Cadence Design Systems makes up approximately 1.0% of Elite Wealth Management Inc.'s portfolio, making the stock its 26th largest position.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Van ECK Associates Corp increased its holdings in shares of Cadence Design Systems by 21.8% in the second quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker's stock worth $1,835,227,000 after purchasing an additional 874,392 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Cadence Design Systems by 1.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker's stock valued at $1,270,704,000 after buying an additional 48,937 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Cadence Design Systems by 1,097.5% during the third quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker's stock valued at $930,522,000 after buying an additional 2,582,812 shares during the last quarter. Pictet Asset Management Holding SA grew its holdings in Cadence Design Systems by 118.5% during the 3rd quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker's stock valued at $908,709,000 after buying an additional 1,493,024 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in Cadence Design Systems during the 2nd quarter valued at approximately $702,615,000. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CDNS has been the topic of several recent research reports. FBN Securities initiated coverage on Cadence Design Systems in a report on Friday, September 11th. They set an "outperform" rating and a $375.00 price objective on the stock. Robert W. Baird increased their target price on Cadence Design Systems from $420.00 to $440.00 and gave the company an "outperform" rating in a research report on Tuesday, October 27th. Morgan Stanley reissued an "overweight" rating and issued a $400.00 target price (up from $370.00) on shares of Cadence Design Systems in a report on Wednesday, July 29th. KeyCorp restated an "overweight" rating on shares of Cadence Design Systems in a research report on Tuesday, October 27th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $420.00 price target on shares of Cadence Design Systems in a research note on Friday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $410.05.

Cadence Design Systems Stock Performance

CDNS opened at $319.92 on Monday. The firm has a market cap of $87.78 billion, a P/E ratio of 63.60, a P/E/G ratio of 3.03 and a beta of 1.10. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69. The company has a current ratio of 1.36, a quick ratio of 1.18 and a debt-to-equity ratio of 0.29. The stock has a 50-day moving average of $319.83 and a 200 day moving average of $327.44.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The company had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.61 billion. During the same period in the previous year, the firm posted $1.93 earnings per share. The firm's revenue for the quarter was up 22.0% on a year-over-year basis. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Insider Buying and Selling

In related news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $350.07, for a total transaction of $437,587.50. Following the sale, the director owned 39,544 shares in the company, valued at approximately $13,843,168.08. This represents a 3.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $285.51, for a total transaction of $51,391.80. Following the transaction, the director directly owned 7,824 shares of the company's stock, valued at $2,233,830.24. The trade was a 2.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 8,960 shares of company stock worth $2,834,139 in the last 90 days. Company insiders own 0.49% of the company's stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards.

The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.