Citizens Financial Group Inc. RI Buys New Shares in Cadence Design Systems, Inc. $CDNS

Key Points

• Citizens Financial Group initiated a position in Cadence Design Systems, buying 4,479 shares worth approximately $1.68 million. Institutional investors collectively own 84.85% of CDNS.
• Analysts remain bullish, with 13 Buy ratings and three Holds, producing a consensus “Moderate Buy” rating and an average price target of $405.69.
• Cadence exceeded quarterly earnings expectations, reporting $2.11 in EPS and $1.58 billion in revenue, up 24.2% year over year. The stock opened at $316.52, while company insiders sold $54.3 million of shares during the last quarter.

Citizens Financial Group Inc. RI purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,479 shares of the software maker's stock, valued at approximately $1,681,000.

A number of other large investors also recently bought and sold shares of CDNS. 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 valued at $456,000 after acquiring an additional 676 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of Cadence Design Systems by 3.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker's stock worth $560,000 after purchasing an additional 80 shares during the period. Thompson Davis & CO. Inc. purchased a new position in shares of Cadence Design Systems in the 2nd quarter worth about $205,000. NewEdge Advisors LLC lifted its stake in shares of Cadence Design Systems by 39.3% in the 2nd quarter. NewEdge Advisors LLC now owns 34,787 shares of the software maker's stock valued at $10,720,000 after purchasing an additional 9,807 shares in the last quarter. Finally, Glenview Trust co purchased a new stake in shares of Cadence Design Systems during the 2nd quarter worth about $226,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Morgan Stanley restated an "overweight" rating and issued a $400.00 price target on shares of Cadence Design Systems in a report on Wednesday, July 29th. Citigroup boosted their price objective on shares of Cadence Design Systems from $400.00 to $420.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Berenberg Bank set a $440.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, May 27th. Rosenblatt Securities raised their target price on shares of Cadence Design Systems from $410.00 to $420.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Finally, Stifel Nicolaus lifted their target price on shares of Cadence Design Systems from $395.00 to $432.00 and gave the company a "buy" rating in a report on Tuesday, June 9th. Thirteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $405.69.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $316.52 on Wednesday. The company has a market cap of $87.17 billion, a P/E ratio of 62.93, a PEG ratio of 3.49 and a beta of 1.15. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.53 and a current ratio of 1.74. Cadence Design Systems, Inc. has a one year low of $262.75 and a one year high of $416.69. The business's 50-day simple moving average is $357.82 and its 200 day simple moving average is $331.13.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The software maker reported $2.11 earnings per share for the quarter, topping analysts' consensus estimates of $2.05 by $0.06. Cadence Design Systems had a return on equity of 27.98% and a net margin of 23.60%.The firm had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.58 billion. During the same quarter in the prior year, the business earned $1.65 EPS. Cadence Design Systems's quarterly revenue was up 24.2% compared to the same quarter last year. 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, sell-side analysts forecast that Cadence Design Systems, Inc. will post 6.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 51,887 shares of the firm's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $370.00, for a total transaction of $19,198,190.00. Following the completion of the sale, the chief executive officer directly owned 303,525 shares in the company, valued at $112,304,250. This trade represents a 14.60% decrease in their ownership of the stock. The sale was disclosed in a legal 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, VP Paul Cunningham sold 2,000 shares of the business's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $391.00, for a total value of $782,000.00. Following the completion of the transaction, the vice president owned 126,586 shares in the company, valued at approximately $49,495,126. This trade represents a 1.56% 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. In the last quarter, insiders sold 139,486 shares of company stock valued at $54,262,177. 0.49% of the stock is owned by company insiders.

Cadence Design Systems Profile

Cadence Design Systems, Inc NASDAQ: CDNS is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company's offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.

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