Cadence Design Systems, Inc. $CDNS Stake Boosted by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Cadence Design Systems stake by 1,097.5% in the third quarter, reaching 2.82 million shares worth approximately $930.5 million. Institutional investors collectively own 84.85% of the company.
• Analyst sentiment remains positive, with Cadence receiving a consensus “Moderate Buy” rating and an average price target of $404.14; several firms recently raised their targets, including Goldman Sachs to $470.
• Cadence reported quarterly EPS of $2.11, exceeding estimates of $2.05, while revenue rose 24.2% year over year to $1.58 billion. Shares opened at $324.38, down 1.5%, with a market capitalization of roughly $89.3 billion.

Assenagon Asset Management S.A. boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1,097.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,818,141 shares of the software maker's stock after purchasing an additional 2,582,812 shares during the quarter. Cadence Design Systems makes up about 0.7% of Assenagon Asset Management S.A.'s investment portfolio, making the stock its 24th largest holding. Assenagon Asset Management S.A. owned about 1.02% of Cadence Design Systems worth $930,522,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new position in Cadence Design Systems during the 2nd quarter worth $702,615,000. Jupiter Topco LLC bought a new stake in shares of Cadence Design Systems during the 2nd quarter worth about $688,746,000. Bank of New York Mellon Corp bought a new stake in shares of Cadence Design Systems during the 2nd quarter worth about $607,350,000. Deutsche Bank AG bought a new stake in shares of Cadence Design Systems during the 2nd quarter worth about $532,338,000. Finally, Bank of America Corp DE acquired a new stake in shares of Cadence Design Systems in the 2nd quarter worth approximately $410,333,000. Institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CDNS shares. Weiss Ratings cut Cadence Design Systems from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, September 25th. Needham & Company LLC reaffirmed a "buy" rating and set a $400.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Wall Street Zen raised Cadence Design Systems from a "hold" rating to a "buy" rating in a research note on Monday. Citigroup lifted their price target on Cadence Design Systems from $400.00 to $420.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Finally, The Goldman Sachs Group boosted their price objective on Cadence Design Systems from $410.00 to $470.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus price target of $404.14.

Cadence Design Systems Trading Down 1.5%

Shares of NASDAQ:CDNS opened at $324.38 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.53 and a current ratio of 1.74. The stock has a market capitalization of $89.33 billion, a price-to-earnings ratio of 64.49, a PEG ratio of 3.52 and a beta of 1.13. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $416.69. The company has a 50 day moving average price of $319.25 and a 200 day moving average price of $338.97.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The software maker reported $2.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.06. The company had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.58 billion. Cadence Design Systems had a return on equity of 27.98% and a net margin of 23.60%. The firm's revenue was up 24.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.65 earnings per share. 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 anticipate that Cadence Design Systems, Inc. will post 6.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Paul Scannell sold 280 shares of Cadence Design Systems stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $339.00, for a total value of $94,920.00. Following the transaction, the vice president owned 31,720 shares of the company's stock, valued at approximately $10,753,080. This trade represents a 0.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita Brennan sold 180 shares of the business's stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $285.51, for a total value of $51,391.80. Following the sale, the director owned 7,824 shares in the company, valued at approximately $2,233,830.24. The trade was a 2.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 6,960 shares of company stock valued at $2,185,879 over the last ninety days. 0.49% of the stock is currently owned by company insiders.

Cadence Design Systems Profile

Cadence Design Systems, Inc is a technology company that develops electronic design automation (EDA) software, hardware, and semiconductor intellectual property. Its products help engineers design, verify, analyze, and manufacture complex semiconductor chips, printed circuit boards, and electronic systems.

The company's offerings include digital and custom/analog integrated-circuit design tools, functional verification and emulation platforms, semiconductor intellectual property, and system analysis solutions.

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