North Dakota State Investment Board Invests $2.93 Million in Cadence Design Systems, Inc. $CDNS

Key Points

• North Dakota State Investment Board opened a new position in Cadence Design Systems, buying 9,358 shares worth about $2.93 million in the fourth quarter.
• Wall Street remains constructive on CDNS, with several analysts raising price targets and the stock carrying a Moderate Buy consensus rating and an average target price of about $380.59.
• Cadence reported strong quarterly results, beating EPS and revenue estimates, while insider selling continued as CFO John M. Wall and VP Paul Cunningham sold shares under pre-arranged trading plans.

North Dakota State Investment Board purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 9,358 shares of the software maker's stock, valued at approximately $2,925,000.

Several other large investors have also recently modified their holdings of the stock. Occidental Asset Management LLC raised its position in shares of Cadence Design Systems by 2.3% in the 3rd quarter. Occidental Asset Management LLC now owns 1,321 shares of the software maker's stock worth $464,000 after purchasing an additional 30 shares during the last quarter. Whittier Trust Co. raised its position in shares of Cadence Design Systems by 0.4% in the 3rd quarter. Whittier Trust Co. now owns 7,072 shares of the software maker's stock worth $2,456,000 after purchasing an additional 30 shares during the last quarter. Cornerstone Wealth Group LLC raised its position in shares of Cadence Design Systems by 4.3% in the 3rd quarter. Cornerstone Wealth Group LLC now owns 777 shares of the software maker's stock worth $273,000 after purchasing an additional 32 shares during the last quarter. Spirepoint Private Client LLC raised its position in shares of Cadence Design Systems by 4.6% in the 4th quarter. Spirepoint Private Client LLC now owns 722 shares of the software maker's stock worth $226,000 after purchasing an additional 32 shares during the last quarter. Finally, West Family Investments Inc. raised its position in shares of Cadence Design Systems by 2.2% in the 3rd quarter. West Family Investments Inc. now owns 1,559 shares of the software maker's stock worth $548,000 after purchasing an additional 33 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Wall Street Analyst Weigh In

CDNS has been the subject of several recent analyst reports. Robert W. Baird lifted their price target on Cadence Design Systems from $381.00 to $385.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 28th. Wells Fargo & Company lifted their price target on Cadence Design Systems from $375.00 to $400.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Citigroup lifted their price target on Cadence Design Systems from $385.00 to $400.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Morgan Stanley decreased their target price on Cadence Design Systems from $385.00 to $370.00 and set an "overweight" rating for the company in a research report on Wednesday, February 18th. Finally, Piper Sandler boosted their target price on Cadence Design Systems from $319.00 to $325.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 28th. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average target price of $380.59.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 5,000 shares of the business's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $348.71, for a total transaction of $1,743,550.00. Following the completion of the sale, the chief financial officer directly owned 81,875 shares in the company, valued at $28,550,631.25. The trade was a 5.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $337.49, for a total value of $337,490.00. Following the sale, the vice president owned 127,586 shares of the company's stock, valued at approximately $43,058,999.14. This represents a 0.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 40,180 shares of company stock valued at $12,924,790. 0.49% of the stock is owned by company insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $345.99 on Tuesday. Cadence Design Systems, Inc. has a fifty-two week low of $262.75 and a fifty-two week high of $376.45. The business has a 50-day simple moving average of $307.96 and a two-hundred day simple moving average of $310.52. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.32 and a current ratio of 1.47. The firm has a market cap of $95.43 billion, a price-to-earnings ratio of 80.65, a price-to-earnings-growth ratio of 4.11 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 27th. The software maker reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.91 by $0.05. Cadence Design Systems had a return on equity of 28.44% and a net margin of 21.18%.The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the previous year, the firm earned $1.57 EPS. Cadence Design Systems's revenue was up 18.6% on a year-over-year basis. Cadence Design Systems has set its FY 2026 guidance at 7.850-7.950 EPS and its Q2 2026 guidance at 2.020-2.080 EPS. On average, analysts expect that Cadence Design Systems, Inc. will post 6.23 earnings per share 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.

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.