Bank Julius Baer & Co. Ltd Zurich Sells 48,763 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• Bank Julius Baer reduced its Cadence Design Systems stake by 10.4%, selling 48,763 shares during the third quarter and retaining 421,921 shares worth approximately $138.9 million. Institutional investors collectively own 84.85% of CDNS.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $410.05. Needham raised its target to $430, while other firms maintained or increased their targets.
• Cadence reported quarterly results above expectations, posting $2.11 in EPS versus the $2.05 consensus and $1.63 billion in revenue, up 22% year over year. Company insiders sold 8,960 shares worth $2.83 million over the past 90 days.

Bank Julius Baer & Co. Ltd Zurich decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 10.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 421,921 shares of the software maker's stock after selling 48,763 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich owned about 0.15% of Cadence Design Systems worth $138,922,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of CDNS. George Kaiser Family Foundation bought a new position in Cadence Design Systems in the 2nd quarter worth $725,000. MassMutual Private Wealth & Trust FSB increased its stake in Cadence Design Systems by 65.7% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 26,160 shares of the software maker's stock worth $8,638,000 after buying an additional 10,376 shares during the period. Vega Investment Solutions acquired a new position in Cadence Design Systems in the 2nd quarter valued at about $1,957,000. Park National Corp OH grew its holdings in Cadence Design Systems by 186.9% during the 3rd quarter. Park National Corp OH now owns 372,703 shares of the software maker's stock valued at $123,063,000 after buying an additional 242,816 shares during the last quarter. Finally, Osmosis Investment Management UK Ltd acquired a new position in shares of Cadence Design Systems during the second quarter worth about $5,238,000. 84.85% of the stock is currently owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 2,000 shares of the business's stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $324.13, for a total value of $648,260.00. Following the completion of the sale, the vice president directly owned 119,612 shares of the company's stock, valued at $38,769,837.56. The trade was a 1.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 280 shares of Cadence Design Systems stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $339.00, for a total value of $94,920.00. Following the completion of the sale, the vice president owned 31,720 shares of the company's stock, valued at $10,753,080. This trade represents a 0.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 8,960 shares of company stock valued at $2,834,139 over the last ninety days. Company insiders own 0.49% of the company's stock.

Analyst Ratings Changes

CDNS has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Cadence Design Systems from a "hold" rating to a "buy" rating in a report on Wednesday, October 28th. Benchmark reaffirmed a "buy" rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Needham & Company LLC lifted their target price on shares of Cadence Design Systems from $400.00 to $430.00 and gave the stock a "buy" rating in a research note on Tuesday, October 27th. Oppenheimer reaffirmed a "market perform" rating and set a $300.00 price target (up from $275.00) on shares of Cadence Design Systems in a report on Tuesday, July 28th. Finally, Rothschild & Co Redburn increased their price objective on shares of Cadence Design Systems from $385.00 to $395.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and a consensus price target of $410.05.

Cadence Design Systems Stock Performance

CDNS opened at $327.89 on Monday. The company has a market cap of $89.97 billion, a price-to-earnings ratio of 65.19, a price-to-earnings-growth ratio of 3.11 and a beta of 1.10. Cadence Design Systems, Inc. has a fifty-two week low of $262.75 and a fifty-two week high of $416.69. The firm has a 50 day simple moving average of $320.53 and a 200 day simple moving average of $327.27. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same quarter last year, the business earned $1.93 EPS. The company's revenue was up 22.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.

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