Bell Asset Management Ltd Buys 11,478 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• Bell Asset Management bought 11,478 Cadence Design Systems shares worth approximately $3.79 million, making CDNS about 1.4% of its portfolio. Institutional investors collectively own 84.85% of the company.
• Analysts maintain a broadly positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $405.06; Citigroup and Rosenblatt raised their targets to $420.
• Cadence reported quarterly EPS of $2.11, exceeding estimates of $2.05, while revenue rose 24.2% year over year to $1.58 billion. Insiders sold 6,960 shares worth $2.19 million during the last quarter.

Bell Asset Management Ltd purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 11,478 shares of the software maker's stock, valued at approximately $3,790,000. Cadence Design Systems makes up approximately 1.4% of Bell Asset Management Ltd's investment portfolio, making the stock its 14th largest holding.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. State Street Corp increased its holdings in shares of Cadence Design Systems by 1.1% in the 4th quarter. State Street Corp now owns 12,603,368 shares of the software maker's stock valued at $3,939,561,000 after acquiring an additional 135,206 shares during the last quarter. Van ECK Associates Corp increased its stake in Cadence Design Systems by 21.8% in the second quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker's stock valued at $1,835,227,000 after purchasing an additional 874,392 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Cadence Design Systems by 1.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker's stock worth $1,270,704,000 after purchasing an additional 48,937 shares in the last quarter. J. Stern & Co. LLP lifted its position in shares of Cadence Design Systems by 10,159.3% during the 4th quarter. J. Stern & Co. LLP now owns 2,953,256 shares of the software maker's stock worth $923,129,000 after buying an additional 2,924,470 shares during the last quarter. Finally, Amundi lifted its position in shares of Cadence Design Systems by 3.8% during the 1st quarter. Amundi now owns 2,060,334 shares of the software maker's stock worth $572,488,000 after buying an additional 75,492 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Oppenheimer reissued a "market perform" rating and issued a $300.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Citigroup raised their price objective on Cadence Design Systems from $400.00 to $420.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Rosenblatt Securities lifted their target price 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. KeyCorp reissued an "overweight" rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. Finally, Piper Sandler upped their target price on Cadence Design Systems from $325.00 to $349.00 and gave the company a "neutral" rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $405.06.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Ita Brennan sold 180 shares of the firm's stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $285.51, for a total value of $51,391.80. Following the transaction, the director owned 7,824 shares in the company, valued at approximately $2,233,830.24. This trade represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 280 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $339.00, for a total transaction of $94,920.00. Following the completion of the sale, the vice president directly owned 31,720 shares of the company's stock, valued at $10,753,080. The trade was a 0.88% 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. Insiders sold a total of 6,960 shares of company stock worth $2,185,879 in the last quarter. Company insiders own 0.49% of the company's stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $348.84 on Friday. The company has a current ratio of 1.74, a quick ratio of 1.53 and a debt-to-equity ratio of 0.36. The stock has a market cap of $96.07 billion, a price-to-earnings ratio of 69.35, a PEG ratio of 3.81 and a beta of 1.13. The company's 50-day moving average price is $319.31 and its 200 day moving average price is $337.01. Cadence Design Systems, Inc. has a 52 week low of $262.75 and a 52 week high of $416.69.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, July 27th. The software maker reported $2.11 earnings per share (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%. The firm's quarterly revenue was up 24.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 EPS. 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, research analysts forecast that Cadence Design Systems, Inc. will post 6.41 earnings per share for the current fiscal year.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc is a technology company that develops electronic design automation (EDA) software, hardware, and semiconductor intellectual property. Its products help engineers design, verify, analyze, and manufacture complex semiconductor chips, printed circuit boards, and electronic systems.

The company's offerings include digital and custom/analog integrated-circuit design tools, functional verification and emulation platforms, semiconductor intellectual property, and system analysis solutions.

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