Bank Julius Baer & Co. Ltd Zurich Buys 14,500 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bank Julius Baer & Co. Ltd Zurich boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 760,492 shares of the software maker’s stock after acquiring an additional 14,500 shares during the period. Cadence Design Systems accounts for 1.1% of Bank Julius Baer & Co. Ltd Zurich’s investment portfolio, making the stock its 25th largest holding. Bank Julius Baer & Co. Ltd Zurich’s holdings in Cadence Design Systems were worth $207,135,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in CDNS. Capital Investment Advisors LLC boosted its holdings in Cadence Design Systems by 53.9% in the third quarter. Capital Investment Advisors LLC now owns 2,071 shares of the software maker’s stock valued at $485,000 after acquiring an additional 725 shares during the last quarter. Mach 1 Financial Group LLC acquired a new position in shares of Cadence Design Systems during the third quarter worth approximately $203,000. Private Trust Co. NA raised its position in Cadence Design Systems by 43.6% in the 3rd quarter. Private Trust Co. NA now owns 405 shares of the software maker’s stock valued at $95,000 after buying an additional 123 shares during the last quarter. Capital Market Strategies LLC purchased a new stake in Cadence Design Systems in the 3rd quarter valued at $253,000. Finally, Czech National Bank raised its position in Cadence Design Systems by 47.2% in the 3rd quarter. Czech National Bank now owns 47,503 shares of the software maker’s stock valued at $11,130,000 after buying an additional 15,222 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CDNS shares. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, April 19th. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday. Piper Sandler cut their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $316.50.

Cadence Design Systems Price Performance

NASDAQ CDNS traded down $0.58 during trading hours on Thursday, hitting $277.08. The company had a trading volume of 2,044,148 shares, compared to its average volume of 1,572,117. The firm has a 50 day simple moving average of $304.38 and a 200 day simple moving average of $280.97. Cadence Design Systems, Inc. has a 52 week low of $198.92 and a 52 week high of $327.36. The firm has a market capitalization of $75.43 billion, a price-to-earnings ratio of 72.31, a PEG ratio of 3.43 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.13 and a current ratio of 1.32.

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

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the sale, the director now owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now directly owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders have sold a total of 173,044 shares of company stock valued at $52,231,207 in the last 90 days. Corporate insiders own 1.99% of the company’s stock.

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.