Cadence Design Systems, Inc. $CDNS Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,363,734 shares of the software maker’s stock after acquiring an additional 77,478 shares during the quarter. Geode Capital Management LLC’s holdings in Cadence Design Systems were worth $1,952,771,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDNS. Nuveen LLC acquired a new position in Cadence Design Systems in the 1st quarter valued at about $289,744,000. Jennison Associates LLC boosted its position in 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 worth $2,305,489,000 after acquiring an additional 1,054,702 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Cadence Design Systems by 466.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 786,849 shares of the software maker’s stock worth $242,468,000 after acquiring an additional 647,931 shares during the period. Vanguard Group Inc. raised its holdings in Cadence Design Systems by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock valued at $6,698,834,000 after acquiring an additional 429,955 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Cadence Design Systems by 7.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,729,026 shares of the software maker’s stock valued at $1,202,733,000 after acquiring an additional 312,757 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of a number of recent analyst reports. Berenberg Bank set a $400.00 price objective on Cadence Design Systems in a research report on Wednesday, July 30th. Wells Fargo & Company lifted their price target on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. KeyCorp reiterated an “overweight” rating and set a $405.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. Stifel Nicolaus raised their target price on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Finally, Mizuho boosted their target price on shares of Cadence Design Systems from $360.00 to $375.00 and gave the company an “outperform” rating in a report on Tuesday, July 29th. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $376.00.

Cadence Design Systems Stock Down 1.0%

CDNS opened at $315.35 on Thursday. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The firm has a 50 day moving average price of $342.80 and a 200 day moving average price of $329.32. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.67 and a current ratio of 3.05. The company has a market cap of $85.84 billion, a PE ratio of 81.28, a price-to-earnings-growth ratio of 4.55 and a beta of 1.00.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.14. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm earned $1.64 earnings per share. Cadence Design Systems’s revenue for the quarter was up 10.1% on a year-over-year basis. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS. Q4 2025 guidance at 1.880-1.940 EPS. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $340.26, for a total transaction of $340,260.00. Following the transaction, the vice president directly owned 98,067 shares of the company’s stock, valued at approximately $33,368,277.42. The trade was a 1.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 5,550 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $327.80, for a total transaction of $1,819,290.00. Following the sale, the chief executive officer owned 195,844 shares in the company, valued at $64,197,663.20. This represents a 2.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,230 shares of company stock valued at $5,530,682 in the last 90 days. 1.99% of the stock is currently owned by company insiders.

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.