Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Bank Julius Baer & Co. Ltd Zurich

Bank Julius Baer & Co. Ltd Zurich boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 760,492 shares of the software maker’s stock after buying an additional 14,500 shares during the quarter. Cadence Design Systems accounts for approximately 1.1% of Bank Julius Baer & Co. Ltd Zurich’s holdings, making the stock its 25th biggest holding. Bank Julius Baer & Co. Ltd Zurich owned about 0.28% of Cadence Design Systems worth $207,135,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after purchasing an additional 564,085 shares in the last quarter. Northern Trust Corp raised its stake in shares of Cadence Design Systems by 5.6% in the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after purchasing an additional 158,031 shares in the last quarter. Invesco Ltd. raised its stake in shares of Cadence Design Systems by 4.9% in the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after purchasing an additional 93,984 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded down $0.58 on Thursday, hitting $277.08. The stock had a trading volume of 2,044,148 shares, compared to its average volume of 1,572,117. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The stock has a market cap of $75.43 billion, a price-to-earnings ratio of 72.31, a P/E/G ratio of 3.43 and a beta of 1.04. The company’s 50-day moving average is $304.38 and its two-hundred day moving average is $280.97.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. On average, analysts expect that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current year.

Analyst Ratings Changes

CDNS has been the topic of a number of recent analyst reports. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, Piper Sandler dropped their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $316.50.

Insider Activity

In related news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock worth $52,231,207 over the last three months. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems 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.