Bank Julius Baer & Co. Ltd Zurich Lowers Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bank Julius Baer & Co. Ltd Zurich trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,100,700 shares of the software maker's stock after selling 18,495 shares during the period. Cadence Design Systems comprises 1.0% of Bank Julius Baer & Co. Ltd Zurich's holdings, making the stock its 22nd biggest holding. Bank Julius Baer & Co. Ltd Zurich owned about 0.40% of Cadence Design Systems worth $308,668,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Smallwood Wealth Investment Management LLC acquired a new position in Cadence Design Systems in the first quarter worth approximately $25,000. Valley National Advisers Inc. raised its stake in Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after acquiring an additional 99 shares during the period. Ancora Advisors LLC increased its position in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares during the period. Bartlett & CO. Wealth Management LLC grew its holdings in shares of Cadence Design Systems by 147.3% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock worth $47,000 after purchasing an additional 109 shares during the last quarter. Finally, HWG Holdings LP bought a new position in shares of Cadence Design Systems during the 1st quarter worth approximately $54,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Bank of America lifted their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Loop Capital raised their target price on Cadence Design Systems from $340.00 to $370.00 and gave the stock a "buy" rating in a research report on Monday, July 14th. Wells Fargo & Company boosted their price objective on shares of 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, KeyCorp restated an "overweight" rating and set a $358.00 target price (up previously from $340.00) on shares of Cadence Design Systems in a report on Thursday, July 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus target price of $330.07.

Cadence Design Systems Stock Up 0.4%

CDNS stock traded up $1.41 during trading on Tuesday, hitting $317.73. 229,116 shares of the company's stock traded hands, compared to its average volume of 2,008,561. The firm has a market capitalization of $86.75 billion, a P/E ratio of 80.39, a PEG ratio of 4.38 and a beta of 0.99. The business has a fifty day simple moving average of $308.81 and a two-hundred day simple moving average of $287.83. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $330.09. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52.

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 for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. 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 prior year, the business earned $1.17 EPS. Cadence Design Systems's quarterly revenue was up 23.1% compared to the same quarter last year. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total value of $306,350.00. Following the transaction, the vice president owned 105,499 shares of the company's stock, valued at $32,319,618.65. This trade represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director owned 8,010 shares in the company, valued at $2,435,040. This represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,975 shares of company stock worth $6,114,587 in the last ninety days. Insiders own 0.37% of the company's stock.

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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