Mount Yale Investment Advisors LLC Makes New $318,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mount Yale Investment Advisors LLC acquired a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,021 shares of the software maker’s stock, valued at approximately $318,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDNS. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Cadence Design Systems by 55.3% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 43,723 shares of the software maker’s stock worth $11,909,000 after buying an additional 15,569 shares during the last quarter. IFG Advisory LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth $230,000. Pinnacle Associates Ltd. lifted its position in shares of Cadence Design Systems by 10.6% during the fourth quarter. Pinnacle Associates Ltd. now owns 999 shares of the software maker’s stock worth $272,000 after acquiring an additional 96 shares in the last quarter. Realta Investment Advisors purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth $383,000. Finally, ICICI Prudential Asset Management Co Ltd lifted its position in shares of Cadence Design Systems by 9.2% during the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 2,640 shares of the software maker’s stock worth $719,000 after acquiring an additional 222 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Up 0.1 %

NASDAQ CDNS traded up $0.26 during trading on Monday, hitting $259.05. 1,506,004 shares of the company’s stock traded hands, compared to its average volume of 1,623,006. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The stock has a fifty day moving average of $301.12 and a two-hundred day moving average of $298.31. The firm has a market cap of $70.93 billion, a P/E ratio of 67.72, a PEG ratio of 3.11 and a beta of 1.03. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.94 earnings per share. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.74 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’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 $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares in the company, valued at $5,639,372.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president now directly owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Insiders sold 50,134 shares of company stock worth $14,987,093 over the last three months. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CDNS shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Wells Fargo & Company increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Company 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.