Baer Investment Advisory LLC Invests $2.59 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

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

A number of other institutional investors have also modified their holdings of CDNS. Koshinski Asset Management Inc. purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $202,000. Atomi Financial Group Inc. grew its holdings in shares of Cadence Design Systems by 65.5% during the fourth quarter. Atomi Financial Group Inc. now owns 1,731 shares of the software maker's stock worth $520,000 after purchasing an additional 685 shares during the last quarter. Simon Quick Advisors LLC grew its holdings in shares of Cadence Design Systems by 11.9% during the fourth quarter. Simon Quick Advisors LLC now owns 1,234 shares of the software maker's stock worth $371,000 after purchasing an additional 131 shares during the last quarter. Advisory Alpha LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter worth about $254,000. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Cadence Design Systems by 7.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 88,908 shares of the software maker's stock worth $26,713,000 after purchasing an additional 6,364 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on CDNS. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Loop Capital reduced their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Oppenheimer dropped their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Wells Fargo & Company raised their price target on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Finally, Rosenblatt Securities raised their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $325.23.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the company's 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 transaction, the vice president now owns 58,123 shares of the company's stock, valued at $14,689,425.79. This represents a 1.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Scannell sold 4,710 shares of the stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the sale, the vice president now directly owns 28,442 shares in the company, valued at $8,532,600. This trade represents a 14.21% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,445 shares of company stock worth $5,594,127. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Trading Down 1.5%

Shares of Cadence Design Systems stock traded down $4.23 on Thursday, hitting $284.38. 4,217,519 shares of the company's stock traded hands, compared to its average volume of 2,011,547. The firm's 50-day moving average price is $282.17 and its two-hundred day moving average price is $287.85. The stock has a market capitalization of $77.65 billion, a PE ratio of 73.24, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. 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 (NASDAQ:CDNS - Get Free Report) last issued 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. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates 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 period in the previous year, the business earned $1.17 EPS. On average, research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.