Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Baader Bank Aktiengesellschaft

Baader Bank Aktiengesellschaft lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 35.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,065 shares of the software maker's stock after purchasing an additional 8,130 shares during the quarter. Cadence Design Systems comprises 0.6% of Baader Bank Aktiengesellschaft's holdings, making the stock its 21st largest position. Baader Bank Aktiengesellschaft's holdings in Cadence Design Systems were worth $9,333,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. grew its holdings in Cadence Design Systems by 5.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 27,929 shares of the software maker's stock worth $8,595,000 after acquiring an additional 1,523 shares during the period. Regal Investment Advisors LLC acquired a new stake in Cadence Design Systems during the second quarter worth about $301,000. EP Wealth Advisors LLC grew its holdings in Cadence Design Systems by 5.2% during the second quarter. EP Wealth Advisors LLC now owns 2,416 shares of the software maker's stock worth $743,000 after acquiring an additional 119 shares during the period. Truist Financial Corp grew its holdings in Cadence Design Systems by 4.6% during the second quarter. Truist Financial Corp now owns 321,015 shares of the software maker's stock worth $98,792,000 after acquiring an additional 13,972 shares during the period. Finally, 3Chopt Investment Partners LLC acquired a new stake in Cadence Design Systems during the second quarter worth about $253,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 2.6 %

Shares of CDNS traded up $7.65 during trading hours on Thursday, hitting $297.53. The stock had a trading volume of 631,735 shares, compared to its average volume of 1,578,762. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market cap of $81.60 billion, a P/E ratio of 77.86, a P/E/G ratio of 3.70 and a beta of 1.04. The company's fifty day simple moving average is $305.76 and its 200 day simple moving average is $284.65. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the company posted $1.01 earnings per share. The firm's revenue was up 18.8% compared to the same quarter last year. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now owns 55,874 shares of the company's stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,528,267 over the last three months. 1.99% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on CDNS. Mizuho raised their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Wells Fargo & Company started coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price objective on the stock. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 price objective on the stock. Finally, Needham & Company LLC reduced their target price on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $329.50.

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.