United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Makes New Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• United Super Pty Ltd has acquired a new stake of 900 shares in Cadence Design Systems, Inc. valued at approximately $229,000 during the first quarter.
• Several institutional investors have significantly increased their positions in Cadence, with GAMMA Investing LLC boosting its stake by over 31,000% in the same quarter.
• Cadence Design Systems reported a strong quarterly earnings result of $1.65 per share, exceeding expectations and reflecting a 20.2% increase in revenue year-over-year.

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 900 shares of the software maker's stock, valued at approximately $229,000.

A number of other hedge funds have also recently added to or reduced their stakes in CDNS. Smallwood Wealth Investment Management LLC purchased a new position in Cadence Design Systems in the 1st quarter worth about $25,000. Valley National Advisers Inc. lifted its holdings in Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after purchasing an additional 99 shares during the last quarter. Ancora Advisors LLC lifted its holdings in Cadence Design Systems by 1,400.0% in the 4th 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. Meeder Asset Management Inc. lifted its holdings in shares of Cadence Design Systems by 36.5% during the first quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock worth $44,000 after buying an additional 46 shares during the last quarter. Finally, Bartlett & CO. Wealth Management LLC lifted its holdings in shares of Cadence Design Systems by 147.3% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock worth $47,000 after buying an additional 109 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CDNS. Bank of America upped their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Loop Capital increased their target price on Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. KeyCorp increased their target price on Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Finally, JPMorgan Chase & Co. increased their target price on Cadence Design Systems from $330.00 to $390.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $364.33.

Insider Activity at Cadence Design Systems

In related news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the transaction, the director owned 23,996 shares of the company's stock, valued at $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $358.72, for a total value of $358,720.00. Following the completion of the sale, the vice president owned 104,499 shares in the company, valued at approximately $37,485,881.28. The trade was a 0.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,698 shares of company stock valued at $1,485,387 over the last 90 days. Insiders own 0.37% of the company's stock.

Cadence Design Systems Trading Up 0.1%

Shares of Cadence Design Systems stock traded up $0.38 on Wednesday, hitting $360.88. 187,455 shares of the company's stock traded hands, compared to its average volume of 2,080,297. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. The company has a fifty day moving average of $315.17 and a two-hundred day moving average of $291.58. The company has a market capitalization of $98.34 billion, a price-to-earnings ratio of 97.42, a price-to-earnings-growth ratio of 4.79 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the company earned $1.28 EPS. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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.