Cadence Design Systems, Inc. $CDNS Shares Newly Bought by Elite Wealth Management Inc.

Elite Wealth Management Inc. acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 15,850 shares of the software maker’s stock, valued at approximately $5,233,000. Cadence Design Systems comprises about 1.0% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 26th largest holding.

Other hedge funds have also recently modified their holdings of the company. Van ECK Associates Corp raised 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 buying an additional 874,392 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Cadence Design Systems by 1.5% during the 2nd 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 worth $1,270,704,000 after acquiring an additional 48,937 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Cadence Design Systems by 1,097.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock valued at $930,522,000 after acquiring an additional 2,582,812 shares during the period. Pictet Asset Management Holding SA boosted 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 acquiring an additional 1,493,024 shares during the period. Finally, Legal & General Group Plc purchased a new position in Cadence Design Systems during the 2nd quarter valued at $702,615,000. Institutional investors own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $285.51, for a total value of $51,391.80. Following the completion of the sale, the director directly owned 7,824 shares in the company, valued at $2,233,830.24. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal 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, VP Paul Cunningham sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $277.12, for a total transaction of $554,240.00. Following the completion of the sale, the vice president directly owned 121,793 shares of the company’s stock, valued at approximately $33,751,276.16. This trade represents a 1.62% 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 sold a total of 8,960 shares of company stock worth $2,834,139 over the last quarter. 0.49% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $319.92 on Monday. Cadence Design Systems, Inc. has a 52-week low of $262.75 and a 52-week high of $416.69. The stock has a market cap of $87.78 billion, a P/E ratio of 63.60, a price-to-earnings-growth ratio of 3.03 and a beta of 1.10. The business’s 50 day moving average is $319.83 and its 200 day moving average is $327.44. The company has a quick ratio of 1.18, a current ratio of 1.36 and a debt-to-equity ratio of 0.29.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, topping the consensus estimate of $2.05 by $0.06. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. Cadence Design Systems’s quarterly revenue was up 22.0% on a year-over-year basis. During the same period last year, the business posted $1.93 EPS. Sell-side analysts predict that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Analysts Set New Price Targets

CDNS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their target price on Cadence Design Systems from $405.00 to $420.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 27th. Morgan Stanley reiterated an “overweight” rating and set a $400.00 target price (up from $370.00) on shares of Cadence Design Systems in a research report on Wednesday, July 29th. Citigroup boosted their target price on shares of Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $420.00 price target (up from $400.00) on shares of Cadence Design Systems in a research note on Wednesday, October 7th. Finally, Robert W. Baird raised their price target on shares of Cadence Design Systems from $420.00 to $440.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $410.05.

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.