Corebridge Financial Inc. Has $22.20 Million Stock Position in Cadence Design Systems, Inc. $CDNS

Key Points

• Corebridge Financial Inc. reduced its stake in Cadence Design Systems by 3.7%, owning 87,276 shares valued at approximately $22.2 million as of its last SEC filing.
• In contrast, GAMMA Investing LLC significantly increased its position in Cadence by over 31,000%, now holding 1.2 million shares worth around $309.8 million.
• Cadence Design Systems reported $1.65 EPS for the last quarter, exceeding expectations and marking a 20.2% year-over-year revenue increase.

Corebridge Financial Inc. trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 87,276 shares of the software maker's stock after selling 3,336 shares during the period. Corebridge Financial Inc.'s holdings in Cadence Design Systems were worth $22,197,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CDNS. Soros Capital Management LLC acquired a new position in Cadence Design Systems during the first quarter valued at approximately $2,097,000. Thematics Asset Management boosted its position in Cadence Design Systems by 7.3% during the first quarter. Thematics Asset Management now owns 183,049 shares of the software maker's stock valued at $46,555,000 after purchasing an additional 12,396 shares during the last quarter. Mirova raised its holdings in shares of Cadence Design Systems by 18.6% in the 1st quarter. Mirova now owns 14,901 shares of the software maker's stock valued at $3,790,000 after purchasing an additional 2,337 shares during the period. Freedom Investment Management Inc. raised its holdings in shares of Cadence Design Systems by 1.7% in the 1st quarter. Freedom Investment Management Inc. now owns 4,858 shares of the software maker's stock valued at $1,236,000 after purchasing an additional 82 shares during the period. Finally, Quantitative Investment Management LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter valued at about $431,000. 84.85% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $358.72, for a total value of $358,720.00. Following the sale, the vice president directly owned 104,499 shares of the company's stock, valued at $37,485,881.28. This trade represents a 0.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the sale, the director directly owned 8,010 shares in the company, valued at $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,830 shares of company stock worth $1,207,671 over the last ninety days. 1.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CDNS shares. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $300.00 target price on shares of Cadence Design Systems in a report on Friday, July 25th. Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $350.00 to $395.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $365.00 to $405.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Piper Sandler reiterated a "neutral" rating and issued a $355.00 price objective (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. Finally, Mizuho boosted their price target on Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a research note on Tuesday, July 29th. Twelve investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus price target of $364.33.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded down $3.86 during midday trading on Friday, reaching $350.43. The company's stock had a trading volume of 1,303,717 shares, compared to its average volume of 1,433,451. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The business's 50 day moving average price is $334.39 and its two-hundred day moving average price is $297.41. The company has a market cap of $95.49 billion, a P/E ratio of 94.71, a P/E/G ratio of 4.60 and a beta of 0.97.

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

About Cadence Design Systems

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.