Arrowstreet Capital Limited Partnership Purchases 999,862 Shares of Cadence Design Systems, Inc. $CDNS

Arrowstreet Capital Limited Partnership increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 232.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,430,599 shares of the software maker's stock after buying an additional 999,862 shares during the period. Arrowstreet Capital Limited Partnership owned 0.52% of Cadence Design Systems worth $397,521,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDNS. Whipplewood Advisors LLC increased its position in Cadence Design Systems by 933.3% during the first quarter. Whipplewood Advisors LLC now owns 93 shares of the software maker's stock worth $26,000 after buying an additional 84 shares during the last quarter. Brown Lisle Cummings Inc. increased its position in Cadence Design Systems by 860.0% in the 1st quarter. Brown Lisle Cummings Inc. now owns 96 shares of the software maker's stock worth $27,000 after buying an additional 86 shares during the period. University of Texas Texas AM Investment Management Co. bought a new position in Cadence Design Systems during the fourth quarter worth $28,000. Swiss RE Ltd. bought a new position in shares of Cadence Design Systems during the 4th quarter worth about $29,000. Finally, Lodestone Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter valued at about $30,000. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Down 1.9%

Shares of NASDAQ:CDNS opened at $330.46 on Friday. The company's fifty day moving average is $374.34 and its 200-day moving average is $329.29. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.32 and a current ratio of 1.47. Cadence Design Systems, Inc. has a 52 week low of $262.75 and a 52 week high of $416.69. The company has a market capitalization of $91.15 billion, a PE ratio of 77.03, a P/E/G ratio of 3.99 and a beta of 1.15.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, April 27th. The software maker reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period last year, the firm posted $1.57 EPS. The firm's quarterly 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. Equities research analysts predict that Cadence Design Systems, Inc. will post 6.23 earnings per share for the current fiscal year.

Analyst Ratings Changes

CDNS has been the subject of several research reports. Wells Fargo & Company raised their target price on Cadence Design Systems from $400.00 to $425.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 26th. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $381.00 to $385.00 and gave the company an "outperform" rating in a report on Tuesday, April 28th. Needham & Company LLC restated a "buy" rating and issued a $400.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, April 28th. Piper Sandler raised their price objective on shares of Cadence Design Systems from $319.00 to $325.00 and gave the stock a "neutral" rating in a report on Tuesday, April 28th. Finally, KeyCorp lifted their target price on shares of Cadence Design Systems from $405.00 to $425.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $393.65.

Insider Activity

In other news, VP Paul Cunningham sold 2,000 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $391.00, for a total transaction of $782,000.00. Following the sale, the vice president owned 126,586 shares in the company, valued at approximately $49,495,126. This represents a 1.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $387.45, for a total value of $69,741.00. Following the sale, the director owned 8,004 shares in the company, valued at $3,101,149.80. The trade was a 2.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 157,057 shares of company stock worth $60,272,277. 0.49% of the stock is currently owned by insiders.

Cadence Design Systems 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.

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