Glenmede Trust Co. NA Cuts Stake in Cadence Design Systems, Inc. $CDNS

Key Points

• Glenmede Trust reduced its Cadence Design Systems stake by 39.2% in the first quarter, selling 17,457 shares and retaining 27,066 shares valued at approximately $7.5 million. Institutional investors own 84.85% of CDNS.
• Insiders have sold 140,557 shares worth $54.6 million over the past three months, including significant sales by CEO Anirudh Devgan and VP Paul Cunningham under pre-arranged Rule 10b5-1 plans.
• Analysts remain broadly bullish, with 13 Buy ratings and three Holds producing a “Moderate Buy” consensus and a $405.69 price target. Cadence recently beat quarterly EPS expectations and reported 24.2% year-over-year revenue growth.

Glenmede Trust Co. NA reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 39.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,066 shares of the software maker's stock after selling 17,457 shares during the period. Glenmede Trust Co. NA's holdings in Cadence Design Systems were worth $7,521,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Brighton Jones LLC boosted its position in Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after buying an additional 676 shares during the period. Integrated Wealth Concepts LLC grew its position in Cadence Design Systems by 3.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker's stock worth $560,000 after acquiring an additional 80 shares during the last quarter. Thompson Davis & CO. Inc. purchased a new position in Cadence Design Systems in the 2nd quarter worth approximately $205,000. NewEdge Advisors LLC lifted its position in Cadence Design Systems by 39.3% in the second quarter. NewEdge Advisors LLC now owns 34,787 shares of the software maker's stock valued at $10,720,000 after purchasing an additional 9,807 shares during the last quarter. Finally, Glenview Trust co purchased a new stake in shares of Cadence Design Systems during the second quarter valued at approximately $226,000. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Paul Cunningham sold 2,000 shares of the company's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $391.00, for a total value of $782,000.00. Following the sale, the vice president directly owned 126,586 shares of the company's stock, valued at $49,495,126. This represents a 1.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 firm's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $370.00, for a total value of $19,198,190.00. Following the transaction, 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 position. 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. In the last three months, insiders have sold 140,557 shares of company stock worth $54,631,737. Company insiders own 0.49% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CDNS. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $400.00 to $425.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Piper Sandler increased their price target on shares of Cadence Design Systems from $325.00 to $349.00 and gave the company a "neutral" rating in a research report on Tuesday, July 28th. Berenberg Bank set a $440.00 price target on shares of Cadence Design Systems in a report on Wednesday, May 27th. KeyCorp reaffirmed an "overweight" rating on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $400.00 target price on shares of Cadence Design Systems in a report on Wednesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $405.69.

Cadence Design Systems Trading Down 1.1%

NASDAQ:CDNS opened at $336.15 on Tuesday. The company has a 50-day moving average price of $371.62 and a 200-day moving average price of $330.14. The stock has a market cap of $92.57 billion, a price-to-earnings ratio of 66.83, a P/E/G ratio of 3.65 and a beta of 1.15. 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, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The software maker reported $2.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a net margin of 23.60% and a return on equity of 27.98%. The company had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.58 billion. During the same quarter in the previous year, the company earned $1.65 earnings per share. Cadence Design Systems's quarterly 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. Equities analysts predict that Cadence Design Systems, Inc. will post 6.4 EPS for the current year.

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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