Carderock Capital Management Inc. Sells 3,561 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• Carderock Capital Management Inc. reduced its stake in Cadence Design Systems by 11.1%, selling 3,561 shares and maintaining holdings worth approximately $7.28 million.
• Numerous hedge funds increased their positions in Cadence Design Systems, with Brighton Jones LLC raising its stake by 80.2% in the fourth quarter.
• Cadence Design Systems reported better-than-expected earnings in its last quarterly results, with EPS of $1.65, surpassing the consensus estimate of $1.56.

Carderock Capital Management Inc. trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 11.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 28,628 shares of the software maker's stock after selling 3,561 shares during the period. Cadence Design Systems makes up approximately 1.9% of Carderock Capital Management Inc.'s holdings, making the stock its 29th largest position. Carderock Capital Management Inc.'s holdings in Cadence Design Systems were worth $7,281,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after acquiring an additional 676 shares in the last quarter. Highview Capital Management LLC DE raised its position in shares of Cadence Design Systems by 2.7% in the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker's stock worth $1,894,000 after purchasing an additional 163 shares during the last quarter. OMERS ADMINISTRATION Corp boosted its stake in Cadence Design Systems by 20.8% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 11,413 shares of the software maker's stock worth $3,429,000 after purchasing an additional 1,966 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in Cadence Design Systems by 6.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,080,928 shares of the software maker's stock worth $324,776,000 after purchasing an additional 69,456 shares in the last quarter. Finally, NorthRock Partners LLC grew its position in Cadence Design Systems by 65.2% during the 4th quarter. NorthRock Partners LLC now owns 3,367 shares of the software maker's stock valued at $1,012,000 after purchasing an additional 1,329 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $343.95, for a total value of $343,950.00. Following the transaction, the vice president directly owned 102,499 shares of the company's stock, valued at approximately $35,254,531.05. This trade represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 4,000 shares of company stock valued at $1,311,020 over the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CDNS has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Cadence Design Systems from $330.00 to $390.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. The Goldman Sachs Group started coverage on shares of Cadence Design Systems in a research report on Thursday, July 10th. They set a "buy" rating and a $380.00 price target for the company. Wells Fargo & Company upped their price objective on Cadence Design Systems from $365.00 to $405.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. KeyCorp increased their target price on Cadence Design Systems from $358.00 to $405.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, Robert W. Baird lifted their target price on Cadence Design Systems from $340.00 to $380.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Twelve investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $364.33.

Cadence Design Systems Trading Down 6.4%

NASDAQ:CDNS opened at $338.53 on Thursday. The company has a market cap of $92.25 billion, a PE ratio of 91.49, a price-to-earnings-growth ratio of 4.74 and a beta of 1.00. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. The company has a 50 day simple moving average of $341.92 and a two-hundred day simple moving average of $300.96. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.09. The firm had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%.The company's revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.28 EPS. Cadence Design Systems has set its Q3 2025 guidance at 1.750-1.810 EPS. FY 2025 guidance at 6.850-6.950 EPS. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Cadence Design Systems 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.

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