Allstate Corp Has $6.53 Million Position in Cadence Design Systems, Inc. $CDNS

Key Points

• Allstate Corp more than doubled its stake in Cadence Design Systems during the fourth quarter, increasing holdings by 106.3% to 20,889 shares valued at about $6.53 million.
• Cadence Design Systems reported strong quarterly results, with EPS of $1.96 beating estimates and revenue of $1.47 billion topping expectations; revenue rose 18.6% year over year.
• Wall Street remains upbeat on CDNS, with multiple analysts raising price targets and the stock holding a Moderate Buy consensus, though insiders have recently sold shares including the CFO and a director.

Allstate Corp increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 106.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,889 shares of the software maker's stock after acquiring an additional 10,762 shares during the period. Allstate Corp's holdings in Cadence Design Systems were worth $6,529,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Y.D. More Investments Ltd acquired a new position in Cadence Design Systems in the third quarter valued at about $26,000. Caitlin John LLC acquired a new position in Cadence Design Systems in the third quarter valued at about $29,000. Lodestone Wealth Management LLC acquired a new position in Cadence Design Systems in the fourth quarter valued at about $30,000. Imprint Wealth LLC acquired a new position in Cadence Design Systems in the third quarter valued at about $31,000. Finally, Strategic Wealth Investment Group LLC acquired a new position in Cadence Design Systems in the second quarter valued at about $32,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Up 2.2%

Shares of NASDAQ CDNS opened at $381.75 on Wednesday. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $383.24. The company has a market cap of $105.29 billion, a PE ratio of 88.99, a P/E/G ratio of 4.42 and a beta of 1.13. The company has a current ratio of 1.47, a quick ratio of 1.32 and a debt-to-equity ratio of 0.38. The company has a 50-day moving average of $316.29 and a two-hundred day moving average of $311.67.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 27th. The software maker reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.91 by $0.05. Cadence Design Systems had a net margin of 21.18% and a return on equity of 28.44%. The company had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the previous year, the firm posted $1.57 earnings per share. The company's revenue was up 18.6% on a year-over-year basis. Cadence Design Systems has set its FY 2026 guidance at 7.850-7.950 EPS and its Q2 2026 guidance at 2.020-2.080 EPS. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 6.23 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of recent analyst reports. Citigroup boosted their price target on shares of Cadence Design Systems from $385.00 to $400.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $400.00 to $425.00 and gave the company an "overweight" rating in a research report on Tuesday. Morgan Stanley reduced their price target on shares of Cadence Design Systems from $385.00 to $370.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 18th. Needham & Company LLC reaffirmed a "buy" rating and issued a $400.00 target price on shares of Cadence Design Systems in a research note on Tuesday, April 28th. Finally, Piper Sandler boosted their target price on shares of Cadence Design Systems from $319.00 to $325.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 28th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average price target of $382.06.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $295.03, for a total transaction of $53,105.40. Following the completion of the sale, the director directly owned 7,470 shares of the company's stock, valued at $2,203,874.10. The trade was a 2.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO John M. Wall sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $348.71, for a total transaction of $1,743,550.00. Following the sale, the chief financial officer directly owned 81,875 shares of the company's stock, valued at approximately $28,550,631.25. This trade represents a 5.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 41,251 shares of company stock valued at $13,294,350. 0.49% of the stock is currently owned by corporate insiders.

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.

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