Cresset Asset Management LLC Sells 1,666 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• Cresset Asset Management LLC reduced its holdings in Cadence Design Systems by 25.3%, now owning 4,929 shares valued at $1.25 million.
• Cadence Design Systems reported earnings of $1.65 per share for the last quarter, exceeding expectations and showing a revenue increase of 20.2% year-over-year.
• Cadence has received various price target updates from analysts, including a boost from Stifel Nicolaus from $350 to $395, indicating strong buy sentiments across research reports.

Cresset Asset Management LLC lowered its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 25.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,929 shares of the software maker's stock after selling 1,666 shares during the period. Cresset Asset Management LLC's holdings in Cadence Design Systems were worth $1,254,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the company. Park Square Financial Group LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $348,000. Merit Financial Group LLC lifted its holdings in shares of Cadence Design Systems by 42.6% in the 1st quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker's stock worth $805,000 after purchasing an additional 946 shares during the last quarter. Novem Group lifted its holdings in shares of Cadence Design Systems by 30.3% in the 1st quarter. Novem Group now owns 4,067 shares of the software maker's stock worth $1,034,000 after purchasing an additional 945 shares during the last quarter. Seilern Investment Management Ltd bought a new stake in shares of Cadence Design Systems in the 1st quarter worth approximately $64,800,000. Finally, Integrated Advisors Network LLC increased its position in Cadence Design Systems by 156.9% in the 4th quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker's stock valued at $1,023,000 after acquiring an additional 2,080 shares during the period. Institutional investors own 84.85% of the company's stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director owned 8,010 shares of the company's stock, valued at $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $358.72, for a total value of $358,720.00. Following the completion of the transaction, the vice president directly owned 104,499 shares of the company's stock, valued at approximately $37,485,881.28. This trade represents a 0.95% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,830 shares of company stock valued at $1,207,671. Insiders own 0.37% of the company's stock.

Analysts Set New Price Targets

CDNS has been the topic of several analyst reports. Robert W. Baird raised their target price on Cadence Design Systems from $340.00 to $380.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Mizuho raised their target price on Cadence Design Systems from $360.00 to $375.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 29th. The Goldman Sachs Group started coverage on Cadence Design Systems in a research report on Thursday, July 10th. They set a "buy" rating and a $380.00 price objective for the company. Wall Street Zen raised Cadence Design Systems from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Wells Fargo & Company raised their target price on Cadence Design Systems from $365.00 to $405.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Twelve equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $364.33.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS traded down $3.95 during trading hours on Monday, hitting $345.68. 506,858 shares of the company's stock were exchanged, compared to its average volume of 2,027,307. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. The stock has a market capitalization of $94.19 billion, a price-to-earnings ratio of 93.53, a PEG ratio of 4.59 and a beta of 0.97. The company's 50-day moving average price is $329.35 and its 200-day moving average price is $295.73.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%.The business had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. During the same quarter in the previous year, the firm earned $1.28 EPS. The firm's 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, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Cadence Design Systems Company 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.