Cadence Design Systems, Inc. $CDNS Shares Bought by Smith Group Asset Management LLC

Key Points

• Smith Group Asset Management LLC increased their stake in Cadence Design Systems by 2.9%, owning 112,256 shares worth approximately $34.6 million, which represents about 2.3% of their total holdings.
• Cadence Design Systems reported quarterly earnings of $1.65 per share, exceeding analyst expectations of $1.56, with revenue of $1.28 billion, showing a 20.2% year-over-year increase.
• Analysts have a consensus rating of "Moderate Buy" for Cadence Design Systems, with several raising their price targets, the highest being $405 from Wells Fargo.

Smith Group Asset Management LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 2.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 112,256 shares of the software maker's stock after acquiring an additional 3,193 shares during the quarter. Cadence Design Systems comprises about 2.3% of Smith Group Asset Management LLC's holdings, making the stock its 15th largest position. Smith Group Asset Management LLC's holdings in Cadence Design Systems were worth $34,592,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Petros Family Wealth LLC increased its stake in shares of Cadence Design Systems by 2.6% during the 2nd quarter. Petros Family Wealth LLC now owns 1,277 shares of the software maker's stock valued at $394,000 after acquiring an additional 32 shares during the last quarter. Hemington Wealth Management increased its stake in shares of Cadence Design Systems by 14.0% during the 2nd quarter. Hemington Wealth Management now owns 261 shares of the software maker's stock valued at $80,000 after acquiring an additional 32 shares during the last quarter. Legacy Capital Wealth Partners LLC increased its stake in shares of Cadence Design Systems by 2.8% during the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock valued at $309,000 after acquiring an additional 33 shares during the last quarter. Empower Advisory Group LLC grew its holdings in shares of Cadence Design Systems by 4.1% during the 1st quarter. Empower Advisory Group LLC now owns 911 shares of the software maker's stock worth $232,000 after purchasing an additional 36 shares during the period. Finally, Gamco Investors INC. ET AL grew its holdings in shares of Cadence Design Systems by 0.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 13,337 shares of the software maker's stock worth $3,392,000 after purchasing an additional 36 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Wells Fargo & Company boosted their target price on Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Mizuho boosted their target price on Cadence Design Systems from $360.00 to $375.00 and gave the stock an "outperform" rating in a report on Tuesday, July 29th. Berenberg Bank set a $400.00 target price on Cadence Design Systems in a report on Wednesday, July 30th. Loop Capital boosted their target price on Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Finally, BNP Paribas assumed coverage on Cadence Design Systems in a report on Thursday, October 2nd. They set an "outperform" rating and a $400.00 target price for the company. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $369.71.

Cadence Design Systems Stock Up 2.0%

NASDAQ CDNS opened at $337.27 on Friday. The stock has a market cap of $91.90 billion, a PE ratio of 91.15, a P/E/G ratio of 4.33 and a beta of 0.99. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The business has a 50 day moving average price of $347.09 and a two-hundred day moving average price of $321.29. 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 released its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. The firm had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%.Cadence Design Systems's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.28 EPS. Cadence Design Systems has set its Q3 2025 guidance at 1.750-1.810 EPS. FY 2025 guidance at 6.850-6.950 EPS. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity

In other news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $348.27, for a total transaction of $348,270.00. Following the completion of the transaction, the vice president directly owned 99,672 shares in the company, valued at approximately $34,712,767.44. This represents a 0.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $334.51, for a total value of $60,211.80. Following the transaction, the director owned 7,830 shares of the company's stock, valued at approximately $2,619,213.30. This trade represents a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 10,680 shares of company stock worth $3,729,852. 1.99% of the stock is currently owned by insiders.

About Cadence Design Systems

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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