8,616 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Purchased by Baer Investment Advisory LLC

Baer Investment Advisory LLC acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 8,616 shares of the software maker's stock, valued at approximately $2,589,000. Cadence Design Systems comprises about 5.4% of Baer Investment Advisory LLC's holdings, making the stock its 10th largest holding.

Other large investors also recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the fourth quarter worth approximately $28,000. Ancora Advisors LLC boosted its stake in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares during the last quarter. Avalon Trust Co bought a new stake in shares of Cadence Design Systems in the fourth quarter worth $39,000. OFI Invest Asset Management purchased a new stake in Cadence Design Systems during the fourth quarter valued at $46,000. Finally, Synergy Investment Management LLC bought a new position in Cadence Design Systems in the fourth quarter valued at about $50,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded up $7.57 during mid-day trading on Tuesday, hitting $323.08. 1,436,504 shares of the company's stock traded hands, compared to its average volume of 1,979,201. The company's 50-day moving average is $280.36 and its two-hundred day moving average is $287.60. 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 company has a market capitalization of $88.21 billion, a P/E ratio of 83.70, a PEG ratio of 3.88 and a beta of 1.04.

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

Insider Buying and Selling

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director now owns 23,996 shares of the company's stock, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer now directly owns 209,548 shares of the company's stock, valued at $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,445 shares of company stock valued at $5,594,127. Company insiders own 1.99% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on CDNS. Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Bank of America upped their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Loop Capital decreased 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 research report on Wednesday, February 19th. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. Finally, KeyCorp raised their target price on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average 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.