Cadence Design Systems, Inc. $CDNS Shares Sold by Chesley Taft & Associates LLC

Key Points

• Chesley Taft & Associates cut its Cadence Design Systems stake by 75.8% in the second quarter, selling 10,367 shares and retaining 3,311 shares valued at approximately $1.24 million.
• Institutional investors and hedge funds own 84.85% of CDNS, while company insiders sold 140,557 shares worth about $54.6 million over the past three months.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $405.69 price target. Cadence recently exceeded quarterly EPS estimates and reported 24.2% year-over-year revenue growth.

Chesley Taft & Associates LLC lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 75.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,311 shares of the software maker's stock after selling 10,367 shares during the period. Chesley Taft & Associates LLC's holdings in Cadence Design Systems were worth $1,243,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in CDNS. MUFG Securities EMEA plc grew its position in shares of Cadence Design Systems by 113.9% in the 4th quarter. MUFG Securities EMEA plc now owns 11,159 shares of the software maker's stock worth $3,488,000 after acquiring an additional 5,943 shares in the last quarter. Sun Financial Inc bought a new position in Cadence Design Systems during the fourth quarter worth $1,225,000. Leonteq Securities AG bought a new position in Cadence Design Systems during the fourth quarter worth $1,105,000. PNC Financial Services Group Inc. boosted its holdings in Cadence Design Systems by 1.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 369,717 shares of the software maker's stock worth $115,566,000 after purchasing an additional 3,562 shares during the period. Finally, Indivisible Partners acquired a new position in Cadence Design Systems in the fourth quarter worth $4,795,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the business'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 transaction, the director directly owned 8,004 shares in the company, valued at approximately $3,101,149.80. The trade was a 2.20% decrease in their ownership of the stock. The sale 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, Director James D. Plummer sold 1,511 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $381.34, for a total value of $576,204.74. Following the completion of the transaction, the director directly owned 23,264 shares of the company's stock, valued at $8,871,493.76. This trade 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. Insiders sold a total of 140,557 shares of company stock worth $54,631,737 over the last three months. Insiders own 0.49% of the company's stock.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research reports. Benchmark reissued a "buy" rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. Berenberg Bank set a $440.00 price target on shares of Cadence Design Systems in a report on Wednesday, May 27th. KeyCorp reaffirmed an "overweight" rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Wall Street Zen upgraded shares of Cadence Design Systems from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, Oppenheimer reissued a "market perform" rating and issued a $300.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 28th. Thirteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $405.69.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $339.24 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.74 and a quick ratio of 1.53. The firm has a market capitalization of $93.42 billion, a PE ratio of 67.44, a P/E/G ratio of 3.64 and a beta of 1.15. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $416.69. The business's fifty day moving average price is $368.63 and its two-hundred day moving average price is $330.66.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The software maker reported $2.11 EPS for the quarter, topping the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a net margin of 23.60% and a return on equity of 27.98%. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the firm earned $1.65 earnings per share. The company's quarterly revenue was up 24.2% on a year-over-year basis. 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. On average, research analysts expect that Cadence Design Systems, Inc. will post 6.4 EPS for the current 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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