Rep. Robert Bresnahan, Jr. Purchases Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Representative Robert Bresnahan, Jr. (R-Pennsylvania) recently bought shares of Cadence Design Systems, Inc. NASDAQ: CDNS. In a filing disclosed on April 09th, the Representative disclosed that they had bought between $1,001 and $15,000 in Cadence Design Systems stock on March 17th. The trade occurred in the Representative's "JP MORGAN BROKERAGE ACCOUNT #2" account.

Representative Robert Bresnahan, Jr. also recently made the following trade(s):

• Purchased $1,001 - $15,000 in shares of ServiceNow NYSE: NOW on 3/13/2025.
• Purchased $1,001 - $15,000 in shares of Intel NASDAQ: INTC on 3/13/2025.
• Purchased $1,001 - $15,000 in shares of SEA NYSE: SE on 3/11/2025.
• Sold $1,001 - $15,000 in shares of Reddit NYSE: RDDT on 3/11/2025.
• Sold $1,001 - $15,000 in shares of Robinhood Markets NASDAQ: HOOD on 3/11/2025.
• Sold $1,001 - $15,000 in shares of Oracle NYSE: ORCL on 3/11/2025.
• Purchased $1,001 - $15,000 in shares of International Business Machines NYSE: IBM on 3/11/2025.
• Sold $1,001 - $15,000 in shares of Tesla NASDAQ: TSLA on 3/11/2025.
• Sold $1,001 - $15,000 in shares of Broadcom NASDAQ: AVGO on 3/11/2025.
• Sold $1,001 - $15,000 in shares of NVIDIA NASDAQ: NVDA on 3/11/2025.

Cadence Design Systems Trading Down 2.0 %

Shares of NASDAQ CDNS traded down $5.33 during mid-day trading on Wednesday, hitting $258.98. 110,072 shares of the company traded hands, compared to its average volume of 1,941,683. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99. The business has a 50 day moving average of $259.82 and a two-hundred day moving average of $282.29. The stock has a market capitalization of $71.04 billion, a price-to-earnings ratio of 67.21, a PEG ratio of 3.88 and a beta of 1.14. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds and other institutional investors have recently modified their holdings of CDNS. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth about $28,000. Ancora Advisors LLC raised its stake in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after acquiring an additional 112 shares during the last quarter. Avalon Trust Co bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $39,000. Versant Capital Management Inc lifted its position in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after buying an additional 87 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the 4th quarter valued at about $46,000. Institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on CDNS shares. Loop Capital decreased their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Bank of America decreased their price target on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Oppenheimer reduced their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Rosenblatt Securities lifted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a report on Wednesday, February 19th. Finally, StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $320.67.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. This represents a 0.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 1,950 shares of company stock worth $518,499. Corporate insiders own 0.37% of the company's stock.

About Representative Bresnahan

Rob Bresnahan Jr. (Republican Party) is a member of the U.S. House, representing Pennsylvania's 8th Congressional District. He assumed office on January 3, 2025. His current term ends on January 3, 2027. Bresnahan (Republican Party) is running for re-election to the U.S. House to represent Pennsylvania's 8th Congressional District. He declared candidacy for the 2026 election. Rob Bresnahan Jr. was born in Kingston, Pennsylvania. He earned a B.S. in business administration, management and operations from the University of Scranton in 2012. His career experience includes working as the chief financial officer and CEO of a family business, an electrical contracting company.

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.