Mount Yale Investment Advisors LLC Purchases New Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mount Yale Investment Advisors LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 1st quarter, Holdings Channel.com reports. The fund purchased 1,021 shares of the software maker’s stock, valued at approximately $318,000.

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after purchasing an additional 437,101 shares during the period. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares during the period. Norges Bank purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $1,141,059,000. Nordea Investment Management AB raised its stake in shares of Cadence Design Systems by 7.7% during the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after purchasing an additional 145,351 shares during the period. Finally, Van ECK Associates Corp raised its stake in shares of Cadence Design Systems by 25.4% during the first quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock valued at $618,330,000 after purchasing an additional 402,884 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded up $0.26 during mid-day trading on Monday, reaching $259.05. The company’s stock had a trading volume of 1,506,004 shares, compared to its average volume of 1,623,006. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99. The firm has a market cap of $70.93 billion, a price-to-earnings ratio of 67.72, a PEG ratio of 3.11 and a beta of 1.03. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The business has a 50 day moving average price of $301.12 and a 200-day moving average price of $298.31.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the company posted $0.94 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.74 EPS for the current fiscal year.

Insider Activity

In other news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the completion of the transaction, the vice president now owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the sale, the vice president now owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,134 shares of company stock valued at $14,987,093. 1.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Bank of America lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

About Cadence Design Systems

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.