Baker Avenue Asset Management LP Has $1.67 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Baker Avenue Asset Management LP reduced its stake in Cadence Design Systems by 32.0%, selling 3,099 shares and holding 6,574 shares valued at approximately $1.67 million as of the latest SEC filing.
• Cadence Design Systems reported earnings of $1.65 EPS for the last quarter, surpassing analysts' expectations of $1.56, alongside a revenue of $1.28 billion which was also above consensus estimates.
• Several analysts raised their price targets for Cadence Design Systems with the consensus target now at $364.33, indicating a general belief in a "Moderate Buy" for the stock.

Baker Avenue Asset Management LP lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 32.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,574 shares of the software maker's stock after selling 3,099 shares during the period. Baker Avenue Asset Management LP's holdings in Cadence Design Systems were worth $1,672,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Legacy Capital Wealth Partners LLC raised its stake in shares of Cadence Design Systems by 2.8% during the first quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock valued at $309,000 after acquiring an additional 33 shares during the last quarter. Accredited Investors Inc. grew its holdings in Cadence Design Systems by 1.7% in the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after purchasing an additional 36 shares during the period. Principal Street Partners LLC grew its holdings in Cadence Design Systems by 2.6% in the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock worth $437,000 after purchasing an additional 37 shares during the period. Oarsman Capital Inc. grew its holdings in Cadence Design Systems by 3.8% in the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock worth $313,000 after purchasing an additional 38 shares during the period. Finally, Greenleaf Trust lifted its stake in shares of Cadence Design Systems by 0.7% in the first quarter. Greenleaf Trust now owns 5,802 shares of the software maker's stock worth $1,476,000 after buying an additional 39 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CDNS shares. Rosenblatt Securities reissued a "neutral" rating and issued a $300.00 price objective on shares of Cadence Design Systems in a research note on Friday, July 25th. Wall Street Zen downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Needham & Company LLC boosted their target price on shares of Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Stifel Nicolaus lifted their price objective on shares of Cadence Design Systems from $350.00 to $395.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Finally, Berenberg Bank set a $400.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, July 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems has an average rating of "Moderate Buy" and an average target price of $364.33.

Cadence Design Systems Stock Down 0.3%

Shares of NASDAQ:CDNS traded down $1.13 during trading on Wednesday, hitting $359.38. 452,623 shares of the company were exchanged, compared to its average volume of 2,082,146. The stock has a market capitalization of $97.93 billion, a P/E ratio of 97.13, a PEG ratio of 4.79 and a beta of 0.97. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The firm's 50 day moving average price is $315.17 and its 200-day moving average price is $291.58.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the firm earned $1.28 EPS. Cadence Design Systems's revenue for the quarter was up 20.2% on a year-over-year basis. On average, research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $358.72, for a total transaction of $358,720.00. Following the completion of the transaction, the vice president directly owned 104,499 shares in the company, valued at approximately $37,485,881.28. This represents a 0.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the transaction, the director owned 8,010 shares in the company, valued at $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,698 shares of company stock valued at $1,485,387 in the last 90 days. 0.37% of the stock is currently owned by insiders.

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.