Cadence Design Systems, Inc. $CDNS Stock Holdings Increased by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,586 shares of the software maker’s stock after purchasing an additional 188 shares during the period. Summit Investment Advisors Inc.’s holdings in Cadence Design Systems were worth $2,947,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC raised its holdings in shares of Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after acquiring an additional 676 shares in the last quarter. Concurrent Investment Advisors LLC raised its stake in shares of Cadence Design Systems by 11.3% during the 1st quarter. Concurrent Investment Advisors LLC now owns 1,117 shares of the software maker’s stock worth $284,000 after purchasing an additional 113 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Cadence Design Systems by 21.9% during the 1st quarter. Allworth Financial LP now owns 1,734 shares of the software maker’s stock valued at $489,000 after buying an additional 312 shares during the last quarter. Alps Advisors Inc. grew its stake in shares of Cadence Design Systems by 59.6% in the 1st quarter. Alps Advisors Inc. now owns 4,860 shares of the software maker’s stock valued at $1,236,000 after buying an additional 1,814 shares in the last quarter. Finally, Cerity Partners LLC increased its holdings in Cadence Design Systems by 11.8% in the first quarter. Cerity Partners LLC now owns 18,785 shares of the software maker’s stock worth $4,777,000 after buying an additional 1,987 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on CDNS shares. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. BNP Paribas Exane started coverage on shares of Cadence Design Systems in a research note on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price objective for the company. Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Oppenheimer raised their target price on Cadence Design Systems from $200.00 to $225.00 and gave the company an “underperform” rating in a report on Tuesday, October 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Cadence Design Systems in a research note on Wednesday, October 8th. 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 stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $376.00.

Cadence Design Systems Trading Up 0.2%

Shares of Cadence Design Systems stock opened at $325.05 on Friday. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The company’s fifty day simple moving average is $344.35 and its 200-day simple moving average is $328.44. The company has a market cap of $88.48 billion, a price-to-earnings ratio of 83.78, a PEG ratio of 4.55 and a beta of 1.00. The company has a current ratio of 3.05, a quick ratio of 2.67 and a debt-to-equity ratio of 0.48.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the firm earned $1.64 EPS. The business’s revenue 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. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,550 shares of the business’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $327.80, for a total transaction of $1,819,290.00. Following the transaction, the chief executive officer directly owned 195,844 shares in the company, valued at $64,197,663.20. The trade was a 2.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $334.51, for a total value of $60,211.80. Following the completion of the transaction, the director directly owned 7,830 shares of the company’s stock, valued at approximately $2,619,213.30. This trade represents a 2.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 16,230 shares of company stock valued at $5,530,682 in the last ninety days. 1.99% of the stock is owned by corporate insiders.

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.