Baker Avenue Asset Management LP Grows Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Baker Avenue Asset Management LP lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 48.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 9,673 shares of the software maker's stock after purchasing an additional 3,173 shares during the quarter. Baker Avenue Asset Management LP's holdings in Cadence Design Systems were worth $2,906,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Norges Bank acquired a new position in Cadence Design Systems during the 4th quarter worth approximately $1,170,209,000. Schroder Investment Management Group grew its position in Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after purchasing an additional 716,041 shares in the last quarter. FMR LLC boosted its stake 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 worth $2,397,266,000 after buying an additional 639,146 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of 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 valued at $1,705,469,000 after acquiring an additional 632,175 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Cadence Design Systems by 25.8% during 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. Institutional investors own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares of the company's stock, valued at $2,038,025. The trade was a 2.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,577 shares of company stock worth $5,316,411 over the last ninety days. Insiders own 0.37% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on CDNS shares. Oppenheimer lowered their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price target for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, April 29th. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They set a "buy" rating and a $350.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $322.54.

Cadence Design Systems Trading Down 0.7 %

Shares of CDNS stock traded down $2.18 during mid-day trading on Friday, reaching $305.78. 1,479,962 shares of the stock traded hands, compared to its average volume of 1,968,485. The company has a market cap of $83.49 billion, a price-to-earnings ratio of 79.22, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock's fifty day simple moving average is $264.34 and its two-hundred day simple moving average is $284.76. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99.

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

Cadence Design Systems 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.