Cadence Design Systems, Inc. $CDNS Shares Sold by Eventide Asset Management LLC

Key Points

• Eventide Asset Management LLC reduced its stake in Cadence Design Systems by 75.3%, owning 18,658 shares after selling 56,825 shares in the first quarter, with holdings valued at approximately $4.75 million.
• Despite the reduction from Eventide, other hedge funds have increased their positions, with significant purchases made by Cinctive Capital Management and Federation des caisses Desjardins du Quebec.
• Cadence Design Systems reported $1.65 earnings per share for the quarter, beating analyst expectations and showing a 20.2% revenue increase year-over-year, with a subsequent positive earnings guidance for Q3 2025.

Eventide Asset Management LLC trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 75.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,658 shares of the software maker's stock after selling 56,825 shares during the period. Eventide Asset Management LLC's holdings in Cadence Design Systems were worth $4,749,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at about $25,000. Costello Asset Management INC purchased a new position in Cadence Design Systems in the 1st quarter worth approximately $25,000. Saudi Central Bank acquired a new stake in Cadence Design Systems in the first quarter valued at approximately $27,000. Valley National Advisers Inc. raised its stake in shares of Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after purchasing an additional 99 shares during the period. Finally, Ancora Advisors LLC lifted its position in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $343.95, for a total value of $343,950.00. Following the sale, the vice president owned 102,499 shares of the company's stock, valued at approximately $35,254,531.05. This trade represents a 0.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 4,000 shares of company stock worth $1,311,020 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded up $1.13 during mid-day trading on Tuesday, reaching $361.77. The company's stock had a trading volume of 1,246,000 shares, compared to its average volume of 1,985,254. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The business has a 50 day moving average price of $340.32 and a 200-day moving average price of $300.27. The firm has a market cap of $98.58 billion, a price-to-earnings ratio of 97.78, a PEG ratio of 4.60 and a beta of 1.00.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the firm posted $1.28 EPS. The company's revenue for the quarter 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. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CDNS shares. Robert W. Baird raised their price target on shares of Cadence Design Systems from $340.00 to $380.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Needham & Company LLC raised their target price on Cadence Design Systems from $325.00 to $390.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday, August 31st. KeyCorp lifted their price objective on Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Finally, Mizuho lifted their price target on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 29th. Twelve research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus target price of $364.33.

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.