United Asset Strategies Inc. Buys 2,962 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• United Asset Strategies Inc. boosted its Cadence Design Systems stake by 58.2% in the first quarter, adding 2,962 shares to bring its total to 8,055 shares valued at about $2.24 million.
• Cadence Design Systems continues to draw strong institutional interest, with 84.85% of shares owned by institutional investors; several large funds also made major additions to their positions.
• Analysts remain mostly bullish on CDNS, with 14 Buy ratings and 3 Hold ratings, a consensus “Moderate Buy,” and an average price target of $386.59.

United Asset Strategies Inc. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 58.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,055 shares of the software maker's stock after buying an additional 2,962 shares during the quarter. United Asset Strategies Inc.'s holdings in Cadence Design Systems were worth $2,238,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Cadence Design Systems in the fourth quarter valued at $1,352,922,000. J. Stern & Co. LLP increased its stake in shares of Cadence Design Systems by 10,159.3% during the 4th quarter. J. Stern & Co. LLP now owns 2,953,256 shares of the software maker's stock worth $923,129,000 after purchasing an additional 2,924,470 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Cadence Design Systems by 218.6% during the 4th quarter. Wellington Management Group LLP now owns 2,553,225 shares of the software maker's stock worth $798,087,000 after purchasing an additional 1,751,927 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Cadence Design Systems by 120.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,124,417 shares of the software maker's stock valued at $351,470,000 after purchasing an additional 615,440 shares during the period. Finally, Scge Management L.P. acquired a new stake in Cadence Design Systems in the 2nd quarter valued at about $187,663,000. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CDNS. Stifel Nicolaus lifted their price target on Cadence Design Systems from $395.00 to $432.00 and gave the stock a "buy" rating in a report on Tuesday, June 9th. Robert W. Baird raised their price objective on Cadence Design Systems from $381.00 to $385.00 and gave the company an "outperform" rating in a research report on Tuesday, April 28th. Weiss Ratings reiterated a "hold (c)" rating on shares of Cadence Design Systems in a research note on Thursday. Citigroup boosted their target price on Cadence Design Systems from $385.00 to $400.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Finally, Berenberg Bank set a $440.00 price target on Cadence Design Systems in a research note on Wednesday, May 27th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $386.59.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Scannell sold 7,081 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $393.91, for a total transaction of $2,789,276.71. Following the sale, the vice president owned 32,181 shares of the company's stock, valued at $12,676,417.71. This represents a 18.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Plummer sold 1,511 shares of the firm's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $381.34, for a total value of $576,204.74. Following the transaction, the director owned 23,264 shares in the company, valued at approximately $8,871,493.76. This trade represents a 6.10% decrease in their position. 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. Over the last ninety days, insiders have sold 178,557 shares of company stock worth $66,925,452. Company insiders own 0.49% of the company's stock.

Cadence Design Systems Stock Performance

CDNS stock traded down $6.11 during trading hours on Tuesday, hitting $369.66. 401,377 shares of the stock were exchanged, compared to its average volume of 2,491,491. 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 1.47, a quick ratio of 1.32 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $101.96 billion, a P/E ratio of 86.26, a P/E/G ratio of 4.42 and a beta of 1.15. The company has a 50-day simple moving average of $371.02 and a two-hundred day simple moving average of $325.22.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 27th. The software maker reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.91 by $0.05. Cadence Design Systems had a net margin of 21.18% and a return on equity of 28.44%. The company had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.46 billion. During the same quarter in the previous year, the business posted $1.57 earnings per share. Cadence Design Systems's quarterly revenue was up 18.6% on a year-over-year basis. Cadence Design Systems has set its FY 2026 guidance at 7.850-7.950 EPS and its Q2 2026 guidance at 2.020-2.080 EPS. On average, analysts forecast that Cadence Design Systems, Inc. will post 6.23 earnings per share for the current fiscal year.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc NASDAQ: CDNS is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company's offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.

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