Bailard Inc. Has $5.28 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bailard Inc. reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 19,390 shares of the software maker’s stock after selling 230 shares during the period. Bailard Inc.’s holdings in Cadence Design Systems were worth $5,281,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of CDNS. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems in the third quarter valued at $26,000. Valley National Advisers Inc. grew its stake in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares in the last quarter. Fortitude Family Office LLC bought a new position in shares of Cadence Design Systems in the fourth quarter valued at $28,000. Rakuten Securities Inc. bought a new position in shares of Cadence Design Systems in the fourth quarter valued at $45,000. Finally, Catalyst Capital Advisors LLC grew its stake in shares of Cadence Design Systems by 34.7% in the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after buying an additional 52 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Piper Sandler reduced their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday. Wells Fargo & Company lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. KeyCorp lifted their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Finally, Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $316.50.

Cadence Design Systems Price Performance

CDNS stock traded up $0.44 during midday trading on Thursday, reaching $278.10. The company had a trading volume of 1,320,366 shares, compared to its average volume of 1,562,602. The company has a market capitalization of $75.71 billion, a price-to-earnings ratio of 72.31, a price-to-earnings-growth ratio of 3.43 and a beta of 1.04. The stock has a 50 day moving average price of $304.38 and a 200-day moving average price of $280.97. Cadence Design Systems, Inc. has a 1-year low of $198.92 and a 1-year high of $327.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the previous year, the business posted $1.02 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. 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 news, Director James D. Plummer sold 2,412 shares of the business’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $315.40, for a total transaction of $760,744.80. Following the sale, the director now directly owns 22,923 shares in the company, valued at $7,229,914.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the sale, the director now directly owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the completion of the transaction, the director now owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The disclosure for this sale can be found here. Insiders have sold a total of 173,044 shares of company stock worth $52,231,207 over the last 90 days. 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.