OP Asset Management Ltd Makes New $9.17 Million Investment in Cadence Design Systems, Inc. $CDNS

Key Points

• OP Asset Management opened a new position in Cadence Design Systems, buying 32,989 shares worth about $9.17 million in the first quarter.
• Cadence reported strong quarterly results, with earnings of $1.96 per share and revenue of $1.47 billion, both slightly ahead of analyst expectations and up 18.6% year over year.
• Wall Street remains bullish on CDNS, with 14 Buy ratings and a consensus price target of $386.59, while several analysts recently raised their targets even higher.

OP Asset Management Ltd purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 32,989 shares of the software maker's stock, valued at approximately $9,167,000.

Several other large investors also recently made changes to their positions in CDNS. Vanguard Group Inc. increased its holdings in Cadence Design Systems by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 27,231,070 shares of the software maker's stock worth $8,511,888,000 after purchasing an additional 307,753 shares in the last quarter. State Street Corp lifted its holdings in shares of Cadence Design Systems by 1.1% in the fourth quarter. State Street Corp now owns 12,603,368 shares of the software maker's stock valued at $3,939,561,000 after purchasing an additional 135,206 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Cadence Design Systems by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 7,627,272 shares of the software maker's stock worth $2,378,707,000 after buying an additional 92,152 shares during the period. Norges Bank acquired a new position in shares of Cadence Design Systems during the fourth quarter worth about $1,352,922,000. Finally, Van ECK Associates Corp grew its holdings in shares of Cadence Design Systems by 11.9% during the fourth quarter. Van ECK Associates Corp now owns 3,534,180 shares of the software maker's stock worth $1,104,714,000 after buying an additional 376,654 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $368.23 on Friday. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $416.69. The company has a current ratio of 1.47, a quick ratio of 1.32 and a debt-to-equity ratio of 0.38. The firm has a fifty day simple moving average of $362.77 and a 200 day simple moving average of $322.98. The stock has a market capitalization of $101.57 billion, a PE ratio of 85.83, a P/E/G ratio of 4.41 and a beta of 1.15.

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. The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.46 billion. Cadence Design Systems had a net margin of 21.18% and a return on equity of 28.44%. The firm's revenue for the quarter was up 18.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.57 earnings per share. 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, research analysts expect that Cadence Design Systems, Inc. will post 6.23 EPS for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the topic of several research reports. Berenberg Bank set a $440.00 target price on Cadence Design Systems in a research note on Wednesday, May 27th. KeyCorp lifted their price objective on shares of Cadence Design Systems from $405.00 to $425.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $381.00 to $385.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 28th. Stifel Nicolaus increased their target price on shares of Cadence Design Systems from $395.00 to $432.00 and gave the stock a "buy" rating in a report on Tuesday, June 9th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $360.00 target price on shares of Cadence Design Systems in a research report on Friday, April 24th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $386.59.

Insider Buying and Selling

In other Cadence Design Systems news, Director James D. Plummer sold 1,511 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $381.34, for a total transaction of $576,204.74. Following the transaction, the director owned 23,264 shares of the company's stock, valued at $8,871,493.76. The trade was a 6.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 7,081 shares of the company's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $393.91, for a total value of $2,789,276.71. Following the completion of the sale, the vice president owned 32,181 shares in the company, valued at $12,676,417.71. This represents a 18.04% 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. Insiders sold 179,557 shares of company stock worth $67,205,642 in the last 90 days. 0.49% of the stock is owned by corporate insiders.

Cadence Design Systems Company 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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