Baader Bank Aktiengesellschaft Sells 5,766 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Baader Bank Aktiengesellschaft lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 25,299 shares of the software maker’s stock after selling 5,766 shares during the quarter. Baader Bank Aktiengesellschaft’s holdings in Cadence Design Systems were worth $6,411,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CDNS. GAMMA Investing LLC increased its stake in shares of Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock valued at $309,835,000 after buying an additional 1,214,330 shares during the period. Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 13.2% during the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock valued at $2,305,489,000 after buying an additional 1,054,702 shares during the period. FMR LLC increased its stake in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after buying an additional 639,146 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Cadence Design Systems by 25.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker’s stock valued at $882,655,000 after buying an additional 601,834 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Cadence Design Systems by 10.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker’s stock valued at $1,326,912,000 after buying an additional 427,418 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total value of $306,350.00. Following the transaction, the vice president directly owned 105,499 shares of the company’s stock, valued at approximately $32,319,618.65. This trade represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the sale, the chief executive officer owned 209,548 shares of the company’s stock, valued at approximately $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 15,085 shares of company stock valued at $4,652,087. Company insiders own 0.37% of the company’s stock.

Cadence Design Systems Trading Up 9.7%

Shares of NASDAQ:CDNS opened at $366.26 on Wednesday. The company has a market cap of $100.00 billion, a P/E ratio of 98.99, a PEG ratio of 4.64 and a beta of 0.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $370.61. The stock’s fifty day moving average price is $310.57 and its 200-day moving average price is $289.31.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.09. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. Cadence Design Systems had a return on equity of 30.18% and a net margin of 19.88%. The company’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.28 earnings per share. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent research reports. Wells Fargo & Company upped their price target on Cadence Design Systems from $365.00 to $405.00 and gave the stock an “overweight” rating in a research note on Tuesday. Piper Sandler reaffirmed a “neutral” rating and issued a $355.00 price target (up from $328.00) on shares of Cadence Design Systems in a research note on Tuesday. JPMorgan Chase & Co. upped their price target on Cadence Design Systems from $330.00 to $390.00 and gave the stock an “overweight” rating in a research note on Tuesday. Wall Street Zen cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, July 20th. Finally, Loop Capital increased their target price on Cadence Design Systems from $370.00 to $390.00 and gave the stock a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $359.00.

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.