Baird Financial Group Inc. Boosts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Baird Financial Group Inc. boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 291.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 138,567 shares of the software maker's stock after acquiring an additional 103,143 shares during the period. Baird Financial Group Inc. owned 0.05% of Cadence Design Systems worth $41,634,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Norges Bank bought a new stake in Cadence Design Systems in the fourth quarter worth $1,170,209,000. Schroder Investment Management Group increased its holdings in shares of Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after buying an additional 716,041 shares during the last quarter. FMR LLC raised its position in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after buying an additional 639,146 shares in the last quarter. Alliancebernstein L.P. grew its position in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after acquiring an additional 632,175 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Cadence Design Systems by 25.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock worth $882,655,000 after acquiring an additional 601,834 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Paul Scannell sold 4,710 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the transaction, the vice president now owns 28,442 shares in the company, valued at $8,532,600. The trade was a 14.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,840 shares of company stock worth $1,987,941. 1.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CDNS shares. Piper Sandler raised their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Mizuho lifted their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Bank of America raised their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Loop Capital cut their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Finally, Oppenheimer decreased their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $322.54.

Cadence Design Systems Stock Performance

CDNS stock opened at $308.83 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The business has a 50-day moving average price of $259.41 and a 200 day moving average price of $283.43. The company has a market capitalization of $84.72 billion, a P/E ratio of 80.01, a PEG ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company's revenue was up 23.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.17 EPS. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.

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