Connor Clark & Lunn Investment Management Ltd. bought a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 144,739 shares of the software maker's stock, valued at approximately $54,323,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.05% of Cadence Design Systems at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of CDNS. Pinnacle Wealth Management Advisory Group LLC increased its holdings in Cadence Design Systems by 3.1% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,033 shares of the software maker's stock valued at $287,000 after purchasing an additional 31 shares in the last quarter. Westfuller Advisors LLC raised its position in Cadence Design Systems by 8.2% in the 1st quarter. Westfuller Advisors LLC now owns 408 shares of the software maker's stock valued at $113,000 after purchasing an additional 31 shares during the last quarter. Cornerstone Planning Group LLC boosted its stake in Cadence Design Systems by 32.0% in the first quarter. Cornerstone Planning Group LLC now owns 132 shares of the software maker's stock worth $37,000 after purchasing an additional 32 shares in the last quarter. KCM Investment Advisors LLC boosted its stake in Cadence Design Systems by 0.4% in the first quarter. KCM Investment Advisors LLC now owns 8,013 shares of the software maker's stock worth $2,227,000 after purchasing an additional 32 shares in the last quarter. Finally, Fulton Bank N.A. grew its holdings in shares of Cadence Design Systems by 2.6% during the second quarter. Fulton Bank N.A. now owns 1,296 shares of the software maker's stock worth $486,000 after purchasing an additional 33 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Cadence Design Systems
In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $387.45, for a total value of $69,741.00. Following the transaction, the director directly owned 8,004 shares in the company, valued at $3,101,149.80. This represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $323.32, for a total transaction of $646,640.00. Following the completion of the transaction, the vice president directly owned 124,586 shares in the company, valued at approximately $40,281,145.52. The trade was a 1.58% 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. Insiders have sold 89,599 shares of company stock worth $35,710,627 over the last 90 days. Insiders own 0.49% of the company's stock.
Cadence Design Systems Stock Performance
Shares of CDNS opened at $319.02 on Monday. The stock's fifty day simple moving average is $353.70 and its 200-day simple moving average is $331.55. The firm has a market capitalization of $87.85 billion, a PE ratio of 63.42, a price-to-earnings-growth ratio of 3.42 and a beta of 1.15. Cadence Design Systems, Inc. has a 12-month low of $262.75 and a 12-month high of $416.69. 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 (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. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.58 billion. Cadence Design Systems had a return on equity of 27.98% and a net margin of 23.60%.The company's revenue was up 24.2% on a year-over-year basis. During the same period last year, the company earned $1.65 earnings per share. 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. As a group, research analysts predict that Cadence Design Systems, Inc. will post 6.4 earnings per share for the current year.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the company. Piper Sandler lifted their price target on Cadence Design Systems from $325.00 to $349.00 and gave the company a "neutral" rating in a report on Tuesday, July 28th. Stifel Nicolaus increased their price objective on shares of Cadence Design Systems from $395.00 to $432.00 and gave the stock a "buy" rating in a report on Tuesday, June 9th. Bank of America raised their price objective on shares of Cadence Design Systems from $400.00 to $420.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Benchmark reiterated a "buy" rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Finally, Oppenheimer reissued a "market perform" rating and set a $300.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Thirteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $405.69.
Check Out Our Latest Analysis on CDNS
About Cadence Design Systems
(
Free Report)
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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