D.A. Davidson & CO. Increases Position in Cadence Design Systems, Inc. $CDNS

D.A. Davidson & CO. raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.5% during the second quarter, HoldingsChannel reports. The firm owned 3,258 shares of the software maker’s stock after buying an additional 111 shares during the quarter. D.A. Davidson & CO.’s holdings in Cadence Design Systems were worth $1,004,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CDNS. Smallwood Wealth Investment Management LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at $25,000. Costello Asset Management INC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at $25,000. Barrett & Company Inc. acquired a new position in shares of Cadence Design Systems in the 2nd quarter valued at $31,000. Saudi Central Bank acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at $27,000. Finally, Valley National Advisers Inc. boosted its holdings in shares of Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock valued at $28,000 after buying an additional 99 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Up 1.8%

CDNS stock opened at $351.40 on Tuesday. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The stock has a market capitalization of $95.75 billion, a PE ratio of 94.97, a price-to-earnings-growth ratio of 4.52 and a beta of 0.99. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. The company has a fifty day moving average of $346.90 and a 200-day moving average of $323.72.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, beating the consensus estimate of $1.79 by $0.14. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the business earned $1.64 earnings per share. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS. Q4 2025 guidance at 1.880-1.940 EPS. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity at Cadence Design Systems

In related news, CFO John M. Wall sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $349.16, for a total value of $2,618,700.00. Following the completion of the sale, the chief financial officer owned 70,715 shares in the company, valued at $24,690,849.40. This trade represents a 9.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $348.27, for a total transaction of $348,270.00. Following the completion of the sale, the vice president owned 99,672 shares of the company’s stock, valued at $34,712,767.44. This trade represents a 0.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,680 shares of company stock worth $3,729,852 over the last 90 days. Company insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on CDNS shares. The Goldman Sachs Group started coverage on shares of Cadence Design Systems in a report on Thursday, July 10th. They issued a “buy” rating and a $380.00 target price for the company. Piper Sandler restated a “neutral” rating and issued a $355.00 price objective (up from $328.00) on shares of Cadence Design Systems in a research note on Tuesday, July 29th. Rosenblatt Securities reiterated a “neutral” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Wednesday, October 22nd. Mizuho increased their target price on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 29th. Finally, Berenberg Bank set a $400.00 target price on shares of Cadence Design Systems in a research note on Wednesday, July 30th. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $369.71.

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.