Cadence Design Systems, Inc. $CDNS Shares Sold by Strs Ohio

Key Points

• Strs Ohio reduced its stake in Cadence Design Systems by 5.8% in the first quarter, selling 3,604 shares and ending with 58,228 shares valued at about $16.18 million.
• Cadence reported better-than-expected quarterly results, with EPS of $1.96 versus the $1.91 estimate and revenue of $1.47 billion, up 18.6% year over year.
• Analysts remain constructive on the stock: several firms raised price targets, and the consensus rating is “Moderate Buy” with a target price of $386.59.

Strs Ohio lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,228 shares of the software maker's stock after selling 3,604 shares during the quarter. Strs Ohio's holdings in Cadence Design Systems were worth $16,180,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Brown Lisle Cummings Inc. lifted its holdings in shares of Cadence Design Systems by 860.0% in the first quarter. Brown Lisle Cummings Inc. now owns 96 shares of the software maker's stock valued at $27,000 after buying an additional 86 shares during the period. University of Texas Texas AM Investment Management Co. bought a new stake in Cadence Design Systems in the fourth quarter worth about $28,000. Swiss RE Ltd. bought a new stake in Cadence Design Systems in the fourth quarter worth about $29,000. Lodestone Wealth Management LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at about $30,000. Finally, Imprint Wealth LLC bought a new position in shares of Cadence Design Systems during the 3rd quarter valued at about $31,000. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $373.14 on Friday. The firm has a 50 day simple moving average of $369.80 and a 200 day simple moving average of $324.78. Cadence Design Systems, Inc. has a 52 week low of $262.75 and a 52 week high of $416.69. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.32 and a current ratio of 1.47. The company has a market cap of $102.92 billion, a PE ratio of 86.98, a price-to-earnings-growth ratio of 4.42 and a beta of 1.15.

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

Insider Activity

In other news, CEO Anirudh Devgan sold 51,887 shares of the company's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $370.00, for a total value of $19,198,190.00. Following the transaction, the chief executive officer owned 303,525 shares in the company, valued at $112,304,250. This represents a 14.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $391.00, for a total transaction of $782,000.00. Following the completion of the sale, the vice president directly owned 126,586 shares of the company's stock, valued at $49,495,126. This trade represents a 1.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 178,557 shares of company stock valued at $66,925,452 in the last ninety days. Corporate insiders own 0.49% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CDNS. Citigroup boosted their target price on shares of Cadence Design Systems from $385.00 to $400.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Berenberg Bank set a $440.00 price target on shares of Cadence Design Systems in a research report on Wednesday, May 27th. Wells Fargo & Company upped their price target on Cadence Design Systems from $400.00 to $425.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. Robert W. Baird increased their price objective on Cadence Design Systems from $381.00 to $385.00 and gave the company an "outperform" rating in a research report on Tuesday, April 28th. Finally, Stifel Nicolaus raised their price objective on Cadence Design Systems from $395.00 to $432.00 and gave the stock a "buy" rating in a research note on Tuesday, June 9th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $386.59.

Cadence Design Systems Profile

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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