Benchstone Capital Management LP Takes $12.20 Million Position in Cadence Design Systems, Inc. $CDNS

Key Points

• Benchstone Capital Management LP has acquired a new position in Cadence Design Systems valued at approximately $12.20 million, representing a purchase of nearly 48,000 shares in the software company.
• Cadence Design Systems recently attracted increased interest from multiple institutional investors, with 84.85% of the stock now owned by institutional entities.
• Recent analyst reports have been optimistic, with KeyCorp and others raising their target price for Cadence, reflecting a consensus rating of "Moderate Buy" and an average target price of $364.33.

Benchstone Capital Management LP bought a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 47,985 shares of the software maker's stock, valued at approximately $12,204,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Cadence Design Systems during the first quarter valued at $25,000. Costello Asset Management INC bought a new stake in Cadence Design Systems in the 1st quarter worth approximately $25,000. Saudi Central Bank bought a new position in shares of Cadence Design Systems during the 1st quarter valued at approximately $27,000. Valley National Advisers Inc. boosted its holdings in Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after acquiring an additional 99 shares during the period. Finally, Ancora Advisors LLC lifted its holdings in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent analyst reports. KeyCorp upped their target price on Cadence Design Systems from $358.00 to $405.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Piper Sandler restated a "neutral" rating and issued a $355.00 target price (up previously from $328.00) on shares of Cadence Design Systems in a research report on Tuesday, July 29th. Stifel Nicolaus raised their target price on Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Wells Fargo & Company lifted their price objective on Cadence Design Systems from $365.00 to $405.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, Rosenblatt Securities reaffirmed a "neutral" rating and set a $300.00 price target on shares of Cadence Design Systems in a report on Friday, July 25th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $364.33.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $358.72, for a total value of $358,720.00. Following the transaction, the vice president owned 104,499 shares of the company's stock, valued at approximately $37,485,881.28. This represents a 0.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the sale, the director directly owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,830 shares of company stock worth $1,207,671 in the last ninety days. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Down 1.1%

Shares of Cadence Design Systems stock opened at $350.43 on Friday. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The firm has a market cap of $95.49 billion, a PE ratio of 94.71, a P/E/G ratio of 4.60 and a beta of 0.97. The business's fifty day moving average is $334.39 and its two-hundred day moving average is $297.41. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%.The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the company posted $1.28 EPS. The business's quarterly revenue was up 20.2% on a year-over-year basis. Cadence Design Systems has set its Q3 2025 guidance at 1.750-1.810 EPS. FY 2025 guidance at 6.850-6.950 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.

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