Assenagon Asset Management S.A. Increases Stock Holdings in Cadence Design Systems, Inc. $CDNS

Key Points

• Assenagon Asset Management increased its Cadence Design Systems stake by 5% in the second quarter, bringing its holdings to 235,329 shares valued at approximately $88.3 million. Institutional investors collectively own 84.85% of CDNS.
• Analysts remain broadly positive, with 13 Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $405.69. Several firms recently raised their targets to between $420 and $432.
• Cadence reported quarterly EPS of $2.11, beating estimates by $0.06, while revenue rose 24.2% year over year to $1.58 billion. However, insiders sold 140,557 shares worth $54.6 million over the past 90 days.

Assenagon Asset Management S.A. boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 235,329 shares of the software maker's stock after buying an additional 11,191 shares during the period. Assenagon Asset Management S.A. owned approximately 0.09% of Cadence Design Systems worth $88,324,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Whipplewood Advisors LLC lifted its stake in shares of 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 period. Brown Lisle Cummings Inc. grew its holdings in shares of Cadence Design Systems by 860.0% during the first quarter. Brown Lisle Cummings Inc. now owns 96 shares of the software maker's stock valued at $27,000 after buying an additional 86 shares during the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $28,000. Swiss RE Ltd. acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $29,000. Finally, Imprint Wealth LLC purchased a new position in Cadence Design Systems in the 3rd quarter worth $31,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CDNS has been the subject of a number of research reports. Rosenblatt Securities lifted their price target on Cadence Design Systems from $410.00 to $420.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Piper Sandler raised their price objective on Cadence Design Systems from $325.00 to $349.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 28th. Citigroup lifted their target price on Cadence Design Systems from $400.00 to $420.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Stifel Nicolaus upped their target price on Cadence Design Systems from $395.00 to $432.00 and gave the company a "buy" rating in a research report on Tuesday, June 9th. Finally, Benchmark reiterated a "buy" rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. Thirteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $405.69.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $339.24 on Friday. The stock has a market capitalization of $93.42 billion, a P/E ratio of 67.44, a PEG ratio of 3.63 and a beta of 1.15. The business has a 50 day simple moving average of $368.63 and a two-hundred day simple moving average of $330.66. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.74 and a quick ratio of 1.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.06. Cadence Design Systems had a return on equity of 27.98% and a net margin of 23.60%.The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the company posted $1.65 earnings per share. The business's revenue was up 24.2% on a year-over-year basis. 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, analysts predict that Cadence Design Systems, Inc. will post 6.4 EPS for the current fiscal year.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $387.45, for a total transaction of $69,741.00. Following the transaction, the director directly owned 8,004 shares in the company, valued at $3,101,149.80. The trade was a 2.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Anirudh Devgan sold 51,887 shares of the company's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $370.00, for a total value of $19,198,190.00. Following the completion of the sale, the chief executive officer owned 303,525 shares of the company's stock, valued at $112,304,250. This trade represents a 14.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 140,557 shares of company stock valued at $54,631,737 in the last ninety days. 0.49% of the stock is currently owned by corporate 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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