Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Lessened by Mizuho Securities USA LLC

Key Points

• Mizuho Securities USA LLC reduced its holdings in Cadence Design Systems by 15.5% in Q1 2023, selling 4,034 shares and now holding a total of 21,960 shares valued at approximately $5.58 million.
• Insider activity showed that Director James D. Plummer sold 868 shares, and VP Paul Cunningham sold 1,000 shares, reflecting a decrease in their ownership by 3.49% and 0.95% respectively.
• Cadence Design Systems reported a 20.2% increase in revenue year-over-year, with earnings of $1.65 per share, surpassing analyst expectations of $1.56.

Mizuho Securities USA LLC lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 15.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,960 shares of the software maker's stock after selling 4,034 shares during the quarter. Mizuho Securities USA LLC's holdings in Cadence Design Systems were worth $5,585,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CDNS. GAMMA Investing LLC grew its stake in Cadence Design Systems by 31,049.1% during the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after purchasing an additional 1,214,330 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 13.2% during the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock worth $2,305,489,000 after acquiring an additional 1,054,702 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Cadence Design Systems by 25.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock worth $882,655,000 after acquiring an additional 601,834 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Cadence Design Systems by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock worth $6,698,834,000 after acquiring an additional 429,955 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Cadence Design Systems by 10.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker's stock worth $1,326,912,000 after acquiring an additional 427,418 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Mizuho upped their price objective on Cadence Design Systems from $360.00 to $375.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 29th. The Goldman Sachs Group began coverage on Cadence Design Systems in a research report on Thursday, July 10th. They set a "buy" rating and a $380.00 price objective for the company. KeyCorp increased their price objective on Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Loop Capital increased their price objective on Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Finally, Bank of America raised their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $364.33.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the transaction, the director directly owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James D. Plummer sold 868 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the sale, the director directly owned 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,698 shares of company stock valued at $1,485,387. 0.37% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

CDNS stock traded up $4.52 on Tuesday, reaching $353.61. The company's stock had a trading volume of 1,263,038 shares, compared to its average volume of 1,964,507. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $376.45. The company has a market capitalization of $96.36 billion, a P/E ratio of 95.57, a price-to-earnings-growth ratio of 4.58 and a beta of 0.97. The firm has a fifty day moving average of $321.68 and a two-hundred day moving average of $292.87. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly 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. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the company posted $1.28 EPS. As a group, analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Cadence Design Systems Company Profile

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.