LGT Fund Management Co Ltd. Purchases 3,562 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• LGT Fund Management Co Ltd. increased its stake in Cadence Design Systems by 101.8%, purchasing an additional 3,562 shares in the second quarter, bringing its total holdings to 7,062 shares valued at $2,176,000.
• Several equities analysts have upgraded their price targets for Cadence Design Systems, with JPMorgan raising its target from $330.00 to $390.00 and KeyCorp from $358.00 to $405.00, indicating a positive outlook for the company's stock.
• Insider trading activity includes CFO John M. Wall selling 7,500 shares for approximately $2.6 million, which represents a 9.59% decrease in his ownership position.

LGT Fund Management Co Ltd. boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 101.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,062 shares of the software maker's stock after buying an additional 3,562 shares during the period. LGT Fund Management Co Ltd.'s holdings in Cadence Design Systems were worth $2,176,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Smallwood Wealth Investment Management LLC bought a new position in Cadence Design Systems during the first quarter valued at approximately $25,000. Costello Asset Management INC bought a new position in Cadence Design Systems during the first quarter valued at approximately $25,000. Saudi Central Bank bought a new position in Cadence Design Systems during the first quarter valued at approximately $27,000. Valley National Advisers Inc. boosted its stake in 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 buying an additional 99 shares during the last quarter. Finally, Barrett & Company Inc. bought a new position in Cadence Design Systems during the second quarter valued at approximately $31,000. 84.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. increased their price target on Cadence Design Systems from $330.00 to $390.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. KeyCorp upped their price objective on Cadence Design Systems from $358.00 to $405.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Piper Sandler restated a "neutral" rating and set a $355.00 price objective (up from $328.00) on shares of Cadence Design Systems in a research report on Tuesday, July 29th. Mizuho upped their price objective on Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a research report on Tuesday, July 29th. Finally, BNP Paribas Exane initiated coverage on Cadence Design Systems in a research report on Thursday. They set an "outperform" rating and a $400.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus target price of $368.53.

Insiders Place Their Bets

In other Cadence Design Systems news, CFO John M. Wall sold 7,500 shares of the firm's stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $349.16, for a total transaction of $2,618,700.00. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total value of $60,211.80. Following the transaction, the director owned 7,830 shares in the company, valued at $2,619,213.30. The trade was a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,680 shares of company stock worth $3,729,852 in the last ninety days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Trading Up 0.0%

Shares of NASDAQ CDNS opened at $347.27 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. The business's 50 day moving average price is $353.04 and its 200-day moving average price is $313.74. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The company has a market cap of $94.63 billion, a price-to-earnings ratio of 93.86, a PEG ratio of 4.55 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the business posted $1.28 earnings per share. The company's revenue for the quarter was up 20.2% on a year-over-year basis. 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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.