Dock Street Asset Management Inc. Buys 3,369 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• Dock Street Asset Management Inc. increased its stake in Cadence Design Systems by 4.3% during the second quarter, now holding 82,440 shares valued at approximately $25.4 million.
• Insider trading activity revealed that CFO John M. Wall and VP Paul Cunningham sold shares in late September and early October, respectively, with total sales amounting to about $3.7 million over the last ninety days.
• Cadence Design Systems reported earnings of $1.65 per share for the latest quarter, surpassing analysts' expectations along with a revenue increase of 20.2% year-over-year.

Dock Street Asset Management Inc. increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 82,440 shares of the software maker's stock after purchasing an additional 3,369 shares during the quarter. Cadence Design Systems comprises about 2.4% of Dock Street Asset Management Inc.'s portfolio, making the stock its 16th biggest position. Dock Street Asset Management Inc.'s holdings in Cadence Design Systems were worth $25,404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Smallwood Wealth Investment Management LLC bought a new stake in shares of Cadence Design Systems during the first quarter valued at approximately $25,000. Costello Asset Management INC bought a new stake in shares of Cadence Design Systems during the first quarter valued at approximately $25,000. Saudi Central Bank bought a new stake in shares of Cadence Design Systems during the first quarter valued at approximately $27,000. Valley National Advisers Inc. grew its stake in shares of Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after purchasing an additional 99 shares during the last quarter. Finally, Barrett & Company Inc. bought a new stake in shares of Cadence Design Systems during the second quarter valued at approximately $31,000. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO John M. Wall sold 7,500 shares of the firm's stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $349.16, for a total transaction of $2,618,700.00. Following the sale, the chief financial officer directly owned 70,715 shares in the company, valued at $24,690,849.40. This trade represents a 9.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $348.27, for a total transaction of $348,270.00. Following the sale, the vice president owned 99,672 shares in the company, valued at approximately $34,712,767.44. The trade was a 0.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,680 shares of company stock worth $3,729,852 over the last ninety days. Company insiders own 0.37% of the company's stock.

Cadence Design Systems Trading Down 2.0%

Shares of NASDAQ CDNS opened at $325.75 on Wednesday. The company's fifty day moving average is $350.33 and its 200-day moving average is $317.89. The stock has a market cap of $88.76 billion, a price-to-earnings ratio of 88.04, a P/E/G ratio of 4.36 and a beta of 0.99. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49.

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CDNS. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $340.00 to $380.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Berenberg Bank set a $400.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, July 30th. Wall Street Zen cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday, September 21st. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $365.00 to $405.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, KeyCorp raised their price objective on shares of Cadence Design Systems from $358.00 to $405.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $368.53.

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.

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