UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases 427,418 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 10.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,416,269 shares of the software maker's stock after purchasing an additional 427,418 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 1.61% of Cadence Design Systems worth $1,326,912,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CDNS. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Ancora Advisors LLC raised its holdings in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co purchased a new stake in Cadence Design Systems in the fourth quarter valued at $39,000. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at about $46,000. Finally, Synergy Investment Management LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth about $50,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,577 shares of company stock valued at $5,316,411 over the last 90 days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Down 0.4%

Shares of CDNS opened at $320.30 on Tuesday. The stock has a fifty day simple moving average of $273.78 and a two-hundred day simple moving average of $286.86. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $87.46 billion, a PE ratio of 82.98, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the firm earned $1.17 earnings per share. Cadence Design Systems's quarterly revenue was up 23.1% compared to the same quarter last year. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CDNS. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday. KeyCorp lifted their price target on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Rosenblatt Securities raised their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.