Bank of New York Mellon Corp Makes New Investment in Cadence Design Systems, Inc. $CDNS

Bank of New York Mellon Corp bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,618,219 shares of the software maker's stock, valued at approximately $607,350,000. Bank of New York Mellon Corp owned about 0.59% of Cadence Design Systems at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CDNS. Whipplewood Advisors LLC boosted its holdings in Cadence Design Systems by 933.3% during the 1st quarter. Whipplewood Advisors LLC now owns 93 shares of the software maker's stock valued at $26,000 after acquiring an additional 84 shares during the period. Brown Lisle Cummings Inc. boosted its stake in shares of Cadence Design Systems by 860.0% in the first quarter. Brown Lisle Cummings Inc. now owns 96 shares of the software maker's stock valued at $27,000 after purchasing an additional 86 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $28,000. Swiss RE Ltd. acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $29,000. Finally, Avalon Trust Co purchased a new position in Cadence Design Systems in the 2nd quarter valued at approximately $30,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Ita M. Brennan sold 180 shares of the company'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 completion of the sale, the director owned 8,004 shares in the company, valued at $3,101,149.80. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Plummer sold 1,511 shares of the business's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $381.34, for a total transaction of $576,204.74. Following the completion of the transaction, the director directly owned 23,264 shares in the company, valued at $8,871,493.76. This represents a 6.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 89,599 shares of company stock valued at $35,710,627. 0.49% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $319.02 on Friday. The firm's fifty day simple moving average is $353.70 and its 200-day simple moving average is $331.25. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69. The stock has a market capitalization of $87.85 billion, a price-to-earnings ratio of 63.42, a PEG ratio of 3.36 and a beta of 1.15. 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 posted its quarterly earnings data on Monday, July 27th. The software maker reported $2.11 EPS for the quarter, beating analysts' consensus estimates of $2.05 by $0.06. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.58 billion. Cadence Design Systems had a net margin of 23.60% and a return on equity of 27.98%. Cadence Design Systems's quarterly revenue was up 24.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.65 earnings per share. 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, equities analysts forecast that Cadence Design Systems, Inc. will post 6.4 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CDNS shares. Stifel Nicolaus lifted their target price on Cadence Design Systems from $395.00 to $432.00 and gave the company a "buy" rating in a report on Tuesday, June 9th. Robert W. Baird upped their price target on Cadence Design Systems from $415.00 to $420.00 and gave the stock an "outperform" rating in a report on Tuesday, July 28th. Benchmark reaffirmed a "buy" rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Rosenblatt Securities boosted their price objective 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. Finally, Piper Sandler upped their target price on shares of Cadence Design Systems from $325.00 to $349.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 28th. Thirteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $405.69.

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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