UMB Bank n.a. Purchases 194 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

UMB Bank n.a. lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 22.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,040 shares of the software maker’s stock after purchasing an additional 194 shares during the quarter. UMB Bank n.a.’s holdings in Cadence Design Systems were worth $265,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Cadence Design Systems by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock valued at $7,784,674,000 after purchasing an additional 201,340 shares in the last quarter. FMR LLC boosted its position 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 valued at $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Cadence Design Systems by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock valued at $1,806,019,000 after purchasing an additional 135,251 shares in the last quarter. Alliancebernstein L.P. raised its stake in Cadence Design Systems by 12.5% during 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, Franklin Resources Inc. raised its stake in Cadence Design Systems by 5.2% during the fourth quarter. Franklin Resources Inc. now owns 4,821,666 shares of the software maker’s stock valued at $1,448,718,000 after buying an additional 238,535 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 10,737 shares of the company’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer now owns 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James D. Plummer sold 868 shares of the company’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the sale, the director now owns 23,996 shares of the company’s stock, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,445 shares of company stock worth $5,615,733. 0.37% of the stock is owned by insiders.

Cadence Design Systems Stock Up 1.3%

CDNS stock opened at $305.69 on Wednesday. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The business has a fifty day moving average price of $288.26 and a 200-day moving average price of $287.32. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock has a market capitalization of $83.47 billion, a P/E ratio of 79.19, a P/E/G ratio of 3.88 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Cadence Design Systems’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.17 earnings per share. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CDNS. Wells Fargo & Company lifted their price objective on Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Loop Capital lowered their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Mizuho lifted their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Finally, Robert W. Baird lifted their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $325.23.

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.