Peterson Wealth Services Sells 175,226 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• Peterson Wealth Services cut its Cadence Design Systems stake by 93.6% in the fourth quarter, selling 175,226 shares and leaving it with 11,889 shares worth about $3.7 million.
• Insiders have also been selling, including VP Paul Scannell and CEO Anirudh Devgan, with total insider sales of 176,046 shares valued at about $65.8 million over the last three months.
• Cadence Design Systems recently beat quarterly earnings and revenue estimates, and analysts remain generally bullish with a Moderate Buy consensus and an average target price of $386.59.

Peterson Wealth Services trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 93.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,889 shares of the software maker's stock after selling 175,226 shares during the period. Cadence Design Systems makes up approximately 1.0% of Peterson Wealth Services' investment portfolio, making the stock its 26th largest holding. Peterson Wealth Services' holdings in Cadence Design Systems were worth $3,716,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Sun Financial Inc bought a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $1,225,000. MUFG Securities EMEA plc raised its holdings in Cadence Design Systems by 113.9% during the fourth quarter. MUFG Securities EMEA plc now owns 11,159 shares of the software maker's stock worth $3,488,000 after acquiring an additional 5,943 shares in the last quarter. DDD Partners LLC raised its holdings in Cadence Design Systems by 27.4% during the fourth quarter. DDD Partners LLC now owns 41,968 shares of the software maker's stock worth $13,118,000 after acquiring an additional 9,024 shares in the last quarter. Leonteq Securities AG bought a new stake in Cadence Design Systems during the fourth quarter worth about $1,105,000. Finally, Allianz SE bought a new stake in Cadence Design Systems during the third quarter worth about $1,265,000. 84.85% of the stock is currently owned by institutional investors.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Scannell sold 10,500 shares of the company's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $339.00, for a total value of $3,559,500.00. Following the transaction, the vice president owned 33,946 shares of the company's stock, valued at approximately $11,507,694. This represents a 23.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 company's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 303,525 shares in the company, valued at $112,304,250. The trade was a 14.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 176,046 shares of company stock worth $65,830,801 over the last three months. Company insiders own 0.49% of the company's stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $383.74 on Friday. The business's 50 day moving average price is $342.23 and its two-hundred day moving average price is $318.27. The company has a market cap of $105.84 billion, a PE ratio of 89.45, a price-to-earnings-growth ratio of 4.56 and a beta of 1.15. The company has a quick ratio of 1.32, a current ratio of 1.47 and a debt-to-equity ratio of 0.38. Cadence Design Systems, Inc. has a twelve month low of $262.75 and a twelve month high of $416.69.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly 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 firm had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the previous year, the business earned $1.57 earnings per share. The business's revenue was up 18.6% compared to the same quarter last year. 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 predict that Cadence Design Systems, Inc. will post 6.23 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CDNS shares. Wells Fargo & Company upped their target price on Cadence Design Systems from $400.00 to $425.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Robert W. Baird upped their target price on Cadence Design Systems from $381.00 to $385.00 and gave the stock an "outperform" rating in a report on Tuesday, April 28th. Berenberg Bank set a $440.00 target price on Cadence Design Systems in a report on Wednesday, May 27th. Rosenblatt Securities reiterated a "buy" rating and set a $360.00 target price on shares of Cadence Design Systems in a report on Friday, April 24th. Finally, Citigroup upped their target price on Cadence Design Systems from $385.00 to $400.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average target price of $386.59.

About Cadence Design Systems

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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