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Cadence Design Systems, Inc. $CDNS Shares Sold by Pinnacle Wealth Management LLC

Cadence Design Systems logo with Computer and Technology background

Key Points

  • Pinnacle Wealth Management LLC significantly reduced its stake in Cadence Design Systems by 86.8%, selling 4,908 shares and retaining only 744 shares valued at approximately $229,000.
  • Cadence Design Systems reported earnings of $1.65 EPS, surpassing analysts' expectations of $1.56, and showed a year-over-year revenue increase of 20.2% to $1.28 billion.
  • Despite insider selling, analysts are optimistic about Cadence Design Systems, with several raising price targets to as high as $400, indicating a consensus "Moderate Buy" rating.
  • Interested in Cadence Design Systems? Here are five stocks we like better.

Pinnacle Wealth Management LLC reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 86.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 744 shares of the software maker's stock after selling 4,908 shares during the period. Pinnacle Wealth Management LLC's holdings in Cadence Design Systems were worth $229,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Smallwood Wealth Investment Management LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at about $25,000. Costello Asset Management INC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at about $25,000. Barrett & Company Inc. acquired a new position in shares of Cadence Design Systems in the 2nd quarter valued at about $31,000. Saudi Central Bank acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at about $27,000. Finally, Valley National Advisers Inc. lifted its stake in shares of Cadence Design Systems by 707.1% in the 1st 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 in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $326.12 on Friday. The business's 50 day moving average is $348.49 and its two-hundred day moving average is $319.25. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The firm has a market cap of $88.86 billion, a price-to-earnings ratio of 88.14, a PEG ratio of 4.28 and a beta of 0.99. 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 announced its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the company posted $1.28 EPS. Cadence Design Systems'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 forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Stifel Nicolaus boosted their price target on Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. BNP Paribas assumed coverage on Cadence Design Systems in a research report on Thursday, October 2nd. They set an "outperform" rating and a $400.00 price target on the stock. Berenberg Bank set a $400.00 price target on Cadence Design Systems in a research report on Wednesday, July 30th. Weiss Ratings reissued a "hold (c)" rating on shares of Cadence Design Systems in a research report on Wednesday, October 8th. Finally, The Goldman Sachs Group assumed coverage on Cadence Design Systems in a research report on Thursday, July 10th. They set a "buy" rating and a $380.00 price target on the stock. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and a consensus target price of $368.53.

Check Out Our Latest Stock Report on CDNS

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total value of $60,211.80. Following the transaction, the director directly owned 7,830 shares of the company's stock, valued at $2,619,213.30. This represents a 2.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 7,500 shares of the company's stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $349.16, for a total value of $2,618,700.00. Following the sale, the chief financial officer directly owned 70,715 shares in the company, valued at approximately $24,690,849.40. This represents a 9.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,680 shares of company stock valued at $3,729,852 in the last three months. Corporate insiders own 1.99% of the company's stock.

About Cadence Design Systems

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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