Aviva PLC Reduces Stock Holdings in Cadence Design Systems, Inc. $CDNS

Key Points

• Aviva PLC reduced its stake in Cadence Design Systems by 2.9% in the fourth quarter, selling 14,258 shares and ending with 471,132 shares valued at about $147.3 million.
• Wall Street remains constructive on CDNS, with analysts issuing 14 Buy ratings and 3 Hold ratings; the consensus view is a “Moderate Buy” and the average target price is $386.59.
• Insiders have been selling shares, including VP Paul Scannell and CEO Anirudh Devgan, while the company recently beat earnings estimates and posted 18.6% year-over-year revenue growth.

Aviva PLC trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 471,132 shares of the software maker's stock after selling 14,258 shares during the quarter. Aviva PLC owned 0.17% of Cadence Design Systems worth $147,266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CDNS. Norges Bank purchased a new position in Cadence Design Systems during the 4th quarter worth $1,352,922,000. Assenagon Asset Management S.A. grew its stake in Cadence Design Systems by 120.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,124,417 shares of the software maker's stock worth $351,470,000 after buying an additional 615,440 shares during the last quarter. Scge Management L.P. purchased a new position in Cadence Design Systems during the 2nd quarter worth $187,663,000. Invesco Ltd. grew its stake in Cadence Design Systems by 20.4% during the 3rd quarter. Invesco Ltd. now owns 2,942,746 shares of the software maker's stock worth $1,033,669,000 after buying an additional 499,009 shares during the last quarter. Finally, Close Asset Management Ltd grew its stake in Cadence Design Systems by 577.5% during the 3rd quarter. Close Asset Management Ltd now owns 566,679 shares of the software maker's stock worth $199,088,000 after buying an additional 483,039 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Piper Sandler boosted their target price on Cadence Design Systems from $319.00 to $325.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 28th. Citigroup boosted their price target on Cadence Design Systems from $385.00 to $400.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. KeyCorp boosted their price target on Cadence Design Systems from $405.00 to $425.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Robert W. Baird boosted their price target on Cadence Design Systems from $381.00 to $385.00 and gave the company an "outperform" rating in a research note on Tuesday, April 28th. Finally, Wells Fargo & Company boosted their price target on Cadence Design Systems from $400.00 to $425.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $386.59.

Insider Buying and Selling

In other news, VP Paul Scannell sold 7,081 shares of the company's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $393.91, for a total value of $2,789,276.71. Following the sale, the vice president owned 32,181 shares in the company, valued at $12,676,417.71. This represents a 18.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Anirudh Devgan sold 25,005 shares of the company's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $415.00, for a total value of $10,377,075.00. Following the completion of the sale, the chief executive officer owned 253,519 shares in the company, valued at $105,210,385. The trade was a 8.98% decrease in their position. 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. Insiders have sold 176,046 shares of company stock worth $65,830,801 over the last ninety days. 0.49% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Down 0.4%

Shares of CDNS opened at $383.74 on Friday. Cadence Design Systems, Inc. has a 52 week low of $262.75 and a 52 week high of $416.69. The company has a quick ratio of 1.32, a current ratio of 1.47 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $105.84 billion, a price-to-earnings ratio of 89.45, a PEG ratio of 4.56 and a beta of 1.15. The stock's 50-day moving average price is $342.23 and its 200-day moving average price is $318.27.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 27th. The software maker reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.91 by $0.05. Cadence Design Systems had a return on equity of 28.44% and a net margin of 21.18%.The firm had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the business earned $1.57 earnings per share. The company's revenue was up 18.6% compared to the same quarter last year. 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. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 6.23 EPS for the current year.

Cadence Design Systems Company 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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