Cadence Design Systems, Inc. $CDNS Stock: CoreCap Advisors LLC Raises Holdings

Key Points

• Institutional ownership increased: CoreCap Advisors more than tripled its Cadence Design Systems stake to 6,735 shares worth approximately $2.2 million. Overall, institutional investors and hedge funds own 84.85% of CDNS.
• Analysts remain broadly bullish: CDNS has an average “Moderate Buy” rating and a consensus price target of $404.14, although one firm downgraded the stock to “Hold.”
• Strong operating performance: Cadence beat quarterly earnings expectations with $2.11 in adjusted EPS and reported 24.2% year-over-year revenue growth. The stock opened at $352.84, while insiders have sold 6,960 shares worth about $2.19 million over the past 90 days.

CoreCap Advisors LLC grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 200.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,735 shares of the software maker's stock after acquiring an additional 4,492 shares during the period. CoreCap Advisors LLC's holdings in Cadence Design Systems were worth $2,224,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Everhart Financial Group Inc. raised its holdings in Cadence Design Systems by 435.5% during the 3rd quarter. Everhart Financial Group Inc. now owns 32,573 shares of the software maker's stock worth $10,755,000 after purchasing an additional 26,490 shares during the last quarter. Avidian Wealth Enterprises LLC boosted its stake in shares of Cadence Design Systems by 1,852.3% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 21,241 shares of the software maker's stock valued at $7,014,000 after purchasing an additional 20,153 shares during the last quarter. Elevation Wealth Partners LLC boosted its stake in shares of Cadence Design Systems by 196.2% in the 3rd quarter. Elevation Wealth Partners LLC now owns 308 shares of the software maker's stock valued at $102,000 after purchasing an additional 204 shares during the last quarter. American National Bank & Trust raised its stake in shares of Cadence Design Systems by 7,625.4% during the third quarter. American National Bank & Trust now owns 9,116 shares of the software maker's stock worth $3,010,000 after buying an additional 8,998 shares during the last quarter. Finally, Congress Asset Management Co. lifted its holdings in Cadence Design Systems by 6.5% in the third quarter. Congress Asset Management Co. now owns 37,204 shares of the software maker's stock valued at $12,284,000 after buying an additional 2,284 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CDNS. KeyCorp reaffirmed an "overweight" rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. Morgan Stanley reiterated an "overweight" rating and issued a $400.00 price objective (up from $370.00) on shares of Cadence Design Systems in a report on Wednesday, July 29th. Oppenheimer reissued a "market perform" rating and issued a $300.00 target price (up from $275.00) on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Benchmark restated a "buy" rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Finally, Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday, October 4th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $404.14.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Scannell sold 280 shares of the company's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $339.00, for a total transaction of $94,920.00. Following the completion of the transaction, the vice president directly owned 31,720 shares of the company's stock, valued at $10,753,080. This represents a 0.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita Brennan sold 180 shares of the 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 transaction, the director owned 7,824 shares of the company's stock, valued at approximately $2,233,830.24. The trade was a 2.25% 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. In the last ninety days, insiders have sold 6,960 shares of company stock valued at $2,185,879. 0.49% of the stock is currently owned by company insiders.

Cadence Design Systems Stock Up 1.1%

Cadence Design Systems stock opened at $352.84 on Friday. The company has a 50 day moving average of $319.56 and a 200-day moving average of $337.12. The company has a quick ratio of 1.53, a current ratio of 1.74 and a debt-to-equity ratio of 0.36. Cadence Design Systems, Inc. has a twelve month low of $262.75 and a twelve month high of $416.69. The stock has a market capitalization of $97.17 billion, a PE ratio of 70.15, a price-to-earnings-growth ratio of 3.73 and a beta of 1.13.

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

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.

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.