Baader Bank Aktiengesellschaft Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Baader Bank Aktiengesellschaft grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 35.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,065 shares of the software maker’s stock after buying an additional 8,130 shares during the period. Cadence Design Systems accounts for about 0.6% of Baader Bank Aktiengesellschaft’s holdings, making the stock its 21st largest holding. Baader Bank Aktiengesellschaft’s holdings in Cadence Design Systems were worth $9,333,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems during the third quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems during the 3rd quarter worth approximately $28,000. Versant Capital Management Inc increased its position in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares during the period. Prestige Wealth Management Group LLC lifted its stake in Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its holdings in shares of Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after acquiring an additional 47 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CDNS. Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $329.50.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. This represents a 1.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,528,267 over the last ninety days. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $289.88 on Thursday. The company has a 50-day simple moving average of $306.04 and a 200-day simple moving average of $284.61. The company has a market capitalization of $79.50 billion, a PE ratio of 76.08, a P/E/G ratio of 3.70 and a beta of 1.04. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the company earned $1.01 EPS. The firm’s revenue was up 18.8% on a year-over-year basis. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

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.