Cadence Design Systems, Inc. $CDNS Shares Bought by QRG Capital Management Inc.

Key Points

• QRG Capital Management increased its stake in Cadence Design Systems by 9.5% in Q1, buying 5,831 more shares and bringing its total to 67,105 shares worth about $18.6 million.
• Wall Street remains broadly positive on CDNS, with 14 analysts rating it a Buy and three a Hold; the consensus price target is $386.59.
• Cadence reported better-than-expected Q1 results, with EPS of $1.96 and revenue of $1.47 billion, while insiders including the CEO and a VP sold shares under pre-arranged trading plans.

QRG Capital Management Inc. lifted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 9.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 67,105 shares of the software maker's stock after purchasing an additional 5,831 shares during the quarter. QRG Capital Management Inc.'s holdings in Cadence Design Systems were worth $18,647,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of CDNS. Brighton Jones LLC increased its stake in Cadence Design Systems by 80.2% during the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after buying an additional 676 shares during the period. Integrated Wealth Concepts LLC lifted its stake in shares of Cadence Design Systems by 3.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker's stock worth $560,000 after acquiring an additional 80 shares during the period. Thompson Davis & CO. Inc. acquired a new stake in shares of Cadence Design Systems in the 2nd quarter worth approximately $205,000. NewEdge Advisors LLC boosted its holdings in shares of Cadence Design Systems by 39.3% in the second quarter. NewEdge Advisors LLC now owns 34,787 shares of the software maker's stock valued at $10,720,000 after acquiring an additional 9,807 shares in the last quarter. Finally, Glenview Trust co bought a new position in shares of Cadence Design Systems in the second quarter valued at approximately $226,000. 84.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented 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 report on Tuesday, April 28th. KeyCorp lifted their price target on Cadence Design Systems from $405.00 to $425.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Citigroup boosted their price objective on Cadence Design Systems from $385.00 to $400.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Wells Fargo & Company upped their price objective on Cadence Design Systems from $400.00 to $425.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $400.00 target price on shares of Cadence Design Systems in a research note on Tuesday, April 28th. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and a consensus price target of $386.59.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 2,000 shares of Cadence Design Systems stock in a transaction on Monday, June 15th. The stock was sold at an average price of $391.00, for a total value of $782,000.00. Following the transaction, the vice president directly owned 126,586 shares in the company, valued at $49,495,126. The trade was a 1.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Anirudh Devgan sold 25,005 shares of the business's stock in a transaction on 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 sale, the chief executive officer directly owned 253,519 shares in the company, valued at $105,210,385. This trade represents a 8.98% decrease in their ownership of the stock. 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. In the last three months, insiders have sold 178,557 shares of company stock worth $66,925,452. 0.49% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $373.14 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.47 and a quick ratio of 1.32. The company's 50 day simple moving average is $369.80 and its 200 day simple moving average is $324.78. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69. The company has a market capitalization of $102.92 billion, a P/E ratio of 86.98, a PEG ratio of 4.42 and a beta of 1.15.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, April 27th. The software maker reported $1.96 EPS for the quarter, beating the consensus estimate of $1.91 by $0.05. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.46 billion. Cadence Design Systems had a net margin of 21.18% and a return on equity of 28.44%. The business's quarterly revenue was up 18.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.57 earnings per share. 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. Equities research analysts expect that Cadence Design Systems, Inc. will post 6.23 earnings per share for the current fiscal year.

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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