Bornite Capital Management LP Acquires Shares of 100,000 Cadence Design Systems, Inc. $CDNS

Bornite Capital Management LP acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the second quarter, HoldingsChannel.com reports. The fund acquired 100,000 shares of the software maker’s stock, valued at approximately $37,532,000. Cadence Design Systems makes up about 4.7% of Bornite Capital Management LP’s portfolio, making the stock its 14th largest position.

Other institutional investors have also made changes to their positions in the company. George Kaiser Family Foundation acquired a new stake in shares of Cadence Design Systems during the 2nd quarter worth about $725,000. MUFG Securities EMEA plc raised its stake in Cadence Design Systems by 113.9% in the 4th quarter. MUFG Securities EMEA plc now owns 11,159 shares of the software maker’s stock worth $3,488,000 after purchasing an additional 5,943 shares in the last quarter. Leonteq Securities AG bought a new position in Cadence Design Systems during the 4th quarter worth $1,105,000. PNC Financial Services Group Inc. increased its position in shares of Cadence Design Systems by 1.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 369,717 shares of the software maker’s stock worth $115,566,000 after purchasing an additional 3,562 shares during the period. Finally, Indivisible Partners bought a new position in Cadence Design Systems in the 4th quarter valued at about $4,795,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 2,000 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $323.32, for a total value of $646,640.00. Following the completion of the sale, the vice president owned 124,586 shares of the company’s stock, valued at approximately $40,281,145.52. This represents a 1.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 280 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $339.00, for a total value of $94,920.00. Following the transaction, the vice president owned 31,720 shares of the company’s stock, valued at $10,753,080. This trade represents a 0.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 7,221 shares of company stock worth $2,570,606. 0.49% of the stock is currently owned by insiders.

Cadence Design Systems Trading Down 7.6%

Shares of NASDAQ CDNS opened at $313.04 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.53 and a current ratio of 1.74. Cadence Design Systems, Inc. has a 52-week low of $262.75 and a 52-week high of $416.69. The firm has a 50 day moving average price of $345.84 and a two-hundred day moving average price of $333.94. The stock has a market cap of $86.21 billion, a P/E ratio of 62.23, a price-to-earnings-growth ratio of 3.64 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 27th. The software maker reported $2.11 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.58 billion. Cadence Design Systems had a net margin of 23.60% and a return on equity of 27.98%. Cadence Design Systems’s revenue was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.65 earnings per share. Cadence Design Systems has set its FY 2026 guidance at 8.050-8.150 EPS and its Q3 2026 guidance at 2.010-2.070 EPS. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 6.4 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Citigroup lifted their target price on Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Oppenheimer reaffirmed a “market perform” rating and set a $300.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 28th. Piper Sandler upped their price objective on shares of Cadence Design Systems from $325.00 to $349.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $415.00 to $420.00 and gave the company an “outperform” rating in a research note on Tuesday, July 28th. Finally, KeyCorp restated an “overweight” rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $405.69.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.