CoreCap Advisors LLC Sells 6,668 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• CoreCap Advisors cut its Cadence Design Systems stake by 74.8% in the second quarter, selling 6,668 shares and retaining 2,243 shares valued at approximately $842,000. Institutional investors collectively own 84.85% of CDNS.
• Wall Street remains broadly positive, with 13 analysts rating the stock Buy and three Hold. The consensus is a Moderate Buy rating and an average price target of $405.69.
• Cadence reported quarterly EPS of $2.11, beating estimates of $2.05, while revenue rose 24.2% year over year to $1.58 billion. Insiders sold 140,557 shares worth $54.6 million over the past three months, including sales by the CEO and a vice president under pre-arranged trading plans.

CoreCap Advisors LLC lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 74.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,243 shares of the software maker's stock after selling 6,668 shares during the period. CoreCap Advisors LLC's holdings in Cadence Design Systems were worth $842,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Whipplewood Advisors LLC increased its stake in Cadence Design Systems by 933.3% in the first quarter. Whipplewood Advisors LLC now owns 93 shares of the software maker's stock valued at $26,000 after purchasing an additional 84 shares in the last quarter. Brown Lisle Cummings Inc. boosted its holdings in Cadence Design Systems by 860.0% in the first quarter. Brown Lisle Cummings Inc. now owns 96 shares of the software maker's stock worth $27,000 after acquiring an additional 86 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Swiss RE Ltd. bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $29,000. Finally, Imprint Wealth LLC bought a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $31,000. Institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of recent research reports. Citigroup boosted their price objective on Cadence Design Systems from $400.00 to $420.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Berenberg Bank set a $440.00 target price on Cadence Design Systems in a research note on Wednesday, May 27th. KeyCorp reiterated an "overweight" rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. Oppenheimer restated a "market perform" rating and issued a $300.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Finally, Piper Sandler lifted their target price on Cadence Design Systems from $325.00 to $349.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 28th. Thirteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $405.69.

Cadence Design Systems Price Performance

CDNS stock opened at $339.24 on Friday. The stock has a market capitalization of $93.42 billion, a price-to-earnings ratio of 67.44, a PEG ratio of 3.63 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 firm's 50-day moving average price is $368.63 and its two-hundred day moving average price is $330.66. The company has a current ratio of 1.74, a quick ratio of 1.53 and a debt-to-equity ratio of 0.36.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The software maker reported $2.11 EPS 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 company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the firm posted $1.65 earnings per share. The firm's revenue was up 24.2% on a year-over-year basis. 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, equities analysts predict that Cadence Design Systems, Inc. will post 6.4 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Paul Scannell sold 7,081 shares of the company's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $393.91, for a total value of $2,789,276.71. Following the completion of the sale, the vice president directly owned 32,181 shares in the company, valued at $12,676,417.71. This represents a 18.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Anirudh Devgan sold 51,887 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at $112,304,250. This represents a 14.60% decrease in their ownership of the stock. 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. Insiders sold a total of 140,557 shares of company stock worth $54,631,737 in the last three months. Corporate insiders own 0.49% of the company's stock.

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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