PGGM Investments Buys New Position in Cadence Design Systems, Inc. $CDNS

Key Points

• PGGM Investments has acquired a new position in Cadence Design Systems, purchasing 171,972 shares for around $52.99 million, giving them a 0.06% stake in the company.
• Cadence reported a 20.2% year-over-year increase in quarterly revenue, totaling $1.28 billion, and surpassed earnings expectations with $1.65 EPS compared to the consensus estimate of $1.56.
• Several analysts have upgraded their price targets for Cadence shares, with new targets ranging from $390 to $405, reflecting a generally positive outlook for the stock.

PGGM Investments purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 171,972 shares of the software maker's stock, valued at approximately $52,993,000. PGGM Investments owned 0.06% of Cadence Design Systems as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Legacy Capital Wealth Partners LLC lifted its holdings in Cadence Design Systems by 2.8% during the first quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock valued at $309,000 after purchasing an additional 33 shares in the last quarter. Empower Advisory Group LLC lifted its holdings in Cadence Design Systems by 4.1% during the first quarter. Empower Advisory Group LLC now owns 911 shares of the software maker's stock valued at $232,000 after purchasing an additional 36 shares in the last quarter. Gamco Investors INC. ET AL lifted its holdings in Cadence Design Systems by 0.3% during the first quarter. Gamco Investors INC. ET AL now owns 13,337 shares of the software maker's stock valued at $3,392,000 after purchasing an additional 36 shares in the last quarter. Greenleaf Trust lifted its holdings in Cadence Design Systems by 0.7% during the first quarter. Greenleaf Trust now owns 5,802 shares of the software maker's stock valued at $1,476,000 after purchasing an additional 39 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Cadence Design Systems by 3.9% during the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,072 shares of the software maker's stock valued at $285,000 after purchasing an additional 40 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 0.8%

Shares of CDNS opened at $351.26 on Wednesday. The company's fifty day moving average is $351.77 and its 200 day moving average is $312.18. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The stock has a market capitalization of $95.71 billion, a PE ratio of 94.94, a P/E/G ratio of 4.57 and a beta of 1.00. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced 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 net margin of 19.88% and a return on equity of 29.65%. The company had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.25 billion. During the same quarter in the previous year, the business posted $1.28 earnings per share. Cadence Design Systems's quarterly revenue 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. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $343.95, for a total value of $343,950.00. Following the sale, the vice president owned 102,499 shares in the company, valued at approximately $35,254,531.05. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total transaction of $60,211.80. Following the completion of the sale, the director owned 7,830 shares in the company, valued at $2,619,213.30. This represents a 2.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,180 shares of company stock worth $762,882 in the last 90 days. 0.37% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CDNS shares. Needham & Company LLC lifted their price target on shares of Cadence Design Systems from $325.00 to $390.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Loop Capital lifted their price objective on shares of Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Berenberg Bank set a $400.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, July 30th. Wells Fargo & Company lifted their price objective on shares of Cadence Design Systems from $365.00 to $405.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Finally, Stifel Nicolaus lifted their price objective on shares of Cadence Design Systems from $350.00 to $395.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $364.33.

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.

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