UBS Group AG Sells 29,738 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

UBS Group AG lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 435,103 shares of the software maker’s stock after selling 29,738 shares during the quarter. UBS Group AG owned about 0.16% of Cadence Design Systems worth $59,604,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CVA Family Office LLC bought a new position in shares of Cadence Design Systems during the 1st quarter worth about $25,000. Baystate Wealth Management LLC boosted its position in shares of Cadence Design Systems by 316.3% during the 1st quarter. Baystate Wealth Management LLC now owns 179 shares of the software maker’s stock worth $25,000 after purchasing an additional 136 shares in the last quarter. Catalyst Capital Advisors LLC bought a new position in shares of Cadence Design Systems during the 4th quarter worth about $27,000. Capital Asset Advisory Services LLC bought a new position in shares of Cadence Design Systems during the 4th quarter worth about $28,000. Finally, Semmax Financial Advisors Inc. bought a new position in shares of Cadence Design Systems during the 1st quarter worth about $29,000. 84.18% of the stock is currently owned by institutional investors and hedge funds.

CDNS stock opened at $128.51 on Friday. The company has a 50-day moving average price of $132.31. Cadence Design Systems, Inc. has a 12-month low of $87.75 and a 12-month high of $149.08. The stock has a market capitalization of $35.76 billion, a PE ratio of 54.92, a price-to-earnings-growth ratio of 3.62 and a beta of 1.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.70 and a quick ratio of 1.61.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Sunday, April 25th. The software maker reported $0.83 EPS for the quarter, topping the consensus estimate of $0.75 by $0.08. The business had revenue of $736.03 million for the quarter, compared to analyst estimates of $717.79 million. Cadence Design Systems had a net margin of 23.34% and a return on equity of 27.00%. Cadence Design Systems’s quarterly revenue was up 19.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 earnings per share. On average, research analysts expect that Cadence Design Systems, Inc. will post 2.39 EPS for the current fiscal year.

In other news, VP Aneel Zaman sold 61,936 shares of the business’s stock in a transaction that occurred on Wednesday, March 31st. The shares were sold at an average price of $135.00, for a total transaction of $8,361,360.00. Following the completion of the transaction, the vice president now directly owns 155,626 shares of the company’s stock, valued at $21,009,510. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, May 17th. The shares were sold at an average price of $121.47, for a total transaction of $6,073,500.00. Following the transaction, the chief executive officer now directly owns 793,894 shares of the company’s stock, valued at $96,434,304.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 245,214 shares of company stock worth $33,519,066. Insiders own 2.31% of the company’s stock.

A number of research firms have recently issued reports on CDNS. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $146.00 price objective on the stock in a research report on Thursday, February 25th. Credit Suisse Group raised their price target on shares of Cadence Design Systems from $135.00 to $155.00 and gave the company a “neutral” rating in a research report on Monday, March 1st. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Tuesday, April 20th. Benchmark reaffirmed a “buy” rating and issued a $150.00 price target on shares of Cadence Design Systems in a research report on Monday, March 1st. Finally, Needham & Company LLC raised their price target on shares of Cadence Design Systems from $126.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, February 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $146.92.

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.

Featured Story: How is diluted EPS different from basic EPS?

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.