Cadence Design Systems, Inc. $CDNS Stock: State of Alaska Department of Revenue Grows Holdings

Key Points

• Institutional ownership increased: The State of Alaska Department of Revenue raised its Cadence Design Systems stake by 144.8% in the third quarter to 131,851 shares valued at approximately $43.5 million. Overall, hedge funds and other institutions own 84.85% of CDNS.
• Analysts remain bullish: Multiple firms raised their price targets, with the consensus rating at “Moderate Buy” and an average target price of $404.14.
• Stock and business performance: CDNS recently traded at $322.88, below its 200-day average of $338.60, while quarterly revenue rose 24.2% year over year to $1.58 billion and earnings exceeded estimates. Insiders have sold $2.19 million of shares over the past three months.

State of Alaska Department of Revenue lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 144.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 131,851 shares of the software maker's stock after purchasing an additional 77,985 shares during the period. State of Alaska Department of Revenue's holdings in Cadence Design Systems were worth $43,536,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. WealthPlan Investment Management LLC purchased a new stake in Cadence Design Systems in the 3rd quarter valued at $27,574,000. Nvwm LLC grew its position in Cadence Design Systems by 3.6% during the 3rd quarter. Nvwm LLC now owns 10,253 shares of the software maker's stock worth $3,357,000 after purchasing an additional 360 shares during the last quarter. HBW Advisory Services LLC increased its stake in Cadence Design Systems by 24.0% in the third quarter. HBW Advisory Services LLC now owns 2,306 shares of the software maker's stock valued at $761,000 after purchasing an additional 446 shares during the period. Mather Group LLC. increased its stake in Cadence Design Systems by 173.9% in the third quarter. Mather Group LLC. now owns 21,525 shares of the software maker's stock valued at $7,107,000 after purchasing an additional 13,666 shares during the period. Finally, Triumph Capital Management increased its stake in Cadence Design Systems by 121.4% in the third quarter. Triumph Capital Management now owns 1,149 shares of the software maker's stock valued at $379,000 after purchasing an additional 630 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Paul Cunningham sold 2,000 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $277.12, for a total transaction of $554,240.00. Following the completion of the transaction, the vice president directly owned 121,793 shares of the company's stock, valued at $33,751,276.16. This represents a 1.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the firm's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $350.07, for a total transaction of $437,587.50. Following the completion of the sale, the director owned 39,544 shares of the company's stock, valued at approximately $13,843,168.08. The trade was a 3.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 6,960 shares of company stock valued at $2,185,879. 0.49% of the stock is owned by insiders.

Analysts Set New Price Targets

CDNS has been the subject of several recent research reports. Robert W. Baird increased their target price on shares of Cadence Design Systems from $415.00 to $420.00 and gave the stock an "outperform" rating 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 report on Monday. Rothschild & Co Redburn boosted their price target on Cadence Design Systems from $385.00 to $395.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Morgan Stanley restated an "overweight" rating and issued a $400.00 price target (up from $370.00) on shares of Cadence Design Systems in a research report on Wednesday, July 29th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $420.00 price objective (up from $400.00) on shares of Cadence Design Systems in a research note on Wednesday, October 7th. One research 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 stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $404.14.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded down $6.58 during midday trading on Thursday, reaching $322.88. The stock had a trading volume of 982,657 shares, compared to its average volume of 2,439,139. The company has a quick ratio of 1.53, a current ratio of 1.74 and a debt-to-equity ratio of 0.36. The stock has a market cap of $88.92 billion, a P/E ratio of 64.09, a P/E/G ratio of 3.58 and a beta of 1.13. The firm has a fifty day simple moving average of $319.53 and a two-hundred day simple moving average of $338.60. Cadence Design Systems, Inc. has a 12-month low of $262.75 and a 12-month high of $416.69.

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

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