Cadence Design Systems, Inc. $CDNS Shares Sold by Strs Ohio

Strs Ohio lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.2% in the third quarter, Holdings Channel.com reports. The fund owned 64,322 shares of the software maker’s stock after selling 6,498 shares during the quarter. Strs Ohio’s holdings in Cadence Design Systems were worth $22,594,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Pacer Advisors Inc. raised its holdings in shares of Cadence Design Systems by 83.3% during the 3rd quarter. Pacer Advisors Inc. now owns 182,348 shares of the software maker’s stock valued at $64,052,000 after buying an additional 82,856 shares during the period. Patton Fund Management Inc. raised its stake in shares of Cadence Design Systems by 1,743.7% during the third quarter. Patton Fund Management Inc. now owns 13,994 shares of the software maker’s stock valued at $4,916,000 after purchasing an additional 13,235 shares during the period. Stanley Laman Group Ltd. acquired a new position in shares of Cadence Design Systems during the third quarter worth $6,177,000. Westerkirk Capital Inc. purchased a new position in shares of Cadence Design Systems in the second quarter valued at $2,024,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Cadence Design Systems by 10.9% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,994 shares of the software maker’s stock valued at $44,064,000 after purchasing an additional 14,022 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Paul Scannell sold 5,490 shares of Cadence Design Systems stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total value of $1,863,470.70. Following the completion of the transaction, the vice president directly owned 20,321 shares of the company’s stock, valued at approximately $6,897,557.03. The trade was a 21.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $312.64, for a total transaction of $312,640.00. Following the sale, the vice president owned 97,067 shares in the company, valued at approximately $30,347,026.88. This trade represents a 1.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 62,025 shares of company stock worth $20,369,946. Company insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

CDNS has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Cadence Design Systems in a report on Monday, December 29th. Robert W. Baird increased their price target on Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. JPMorgan Chase & Co. raised their price objective on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. KeyCorp reaffirmed an “overweight” rating and issued a $405.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Finally, Rosenblatt Securities raised their price target on shares of Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Thirteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $379.59.

Cadence Design Systems Price Performance

Shares of CDNS opened at $318.32 on Friday. The firm has a market cap of $86.65 billion, a price-to-earnings ratio of 82.04, a PEG ratio of 3.55 and a beta of 1.02. The stock has a 50 day moving average of $317.17 and a 200-day moving average of $333.31. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.14. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the company posted $1.64 EPS. The business’s revenue 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 and its Q4 2025 guidance at 1.880-1.940 EPS. As a group, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

About Cadence Design Systems

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.