United Capital Financial Advisors LLC Increases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

United Capital Financial Advisors LLC boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,023 shares of the software maker’s stock after purchasing an additional 1,410 shares during the period. United Capital Financial Advisors LLC’s holdings in Cadence Design Systems were worth $4,213,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at $1,170,209,000. Schroder Investment Management Group increased its holdings in shares of Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after purchasing an additional 716,041 shares during the period. FMR LLC lifted its holdings in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the period. Alliancebernstein L.P. boosted its position in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after buying an additional 632,175 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Cadence Design Systems in the 4th quarter worth approximately $171,991,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 1.9 %

CDNS opened at $259.26 on Thursday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $328.99. The company has a market cap of $71.12 billion, a PE ratio of 67.17, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The company has a 50-day moving average price of $259.01 and a 200 day moving average price of $282.13.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 1,950 shares of company stock valued at $518,499 in the last ninety days. 0.37% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on CDNS. Piper Sandler upped their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Oppenheimer reduced their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Finally, Robert W. Baird lowered their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $320.67.

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.