Pictet Asset Management Holding SA Trims Stock Position in Cadence Design Systems, Inc. $CDNS

Key Points

• Pictet Asset Management cut its Cadence Design Systems stake by 18.3% in the first quarter, selling 279,759 shares and leaving it with 1,247,222 shares valued at about $346.6 million.
• Insiders also sold stock: CEO Anirudh Devgan and CFO John M. Wall both reduced their holdings, and insiders sold 179,557 shares in the last quarter overall.
• Despite the selling, analysts remain constructive on CDNS, with 14 Buy ratings and a consensus Moderate Buy rating; the company also recently beat quarterly EPS and revenue estimates and raised its full-year guidance.

Pictet Asset Management Holding SA lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 18.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,247,222 shares of the software maker's stock after selling 279,759 shares during the quarter. Pictet Asset Management Holding SA owned 0.45% of Cadence Design Systems worth $346,566,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CDNS. Pinnacle Wealth Management Advisory Group LLC grew its holdings in Cadence Design Systems by 3.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,033 shares of the software maker's stock worth $287,000 after acquiring an additional 31 shares during the period. Spirepoint Private Client LLC raised its position in Cadence Design Systems by 4.6% during the fourth quarter. Spirepoint Private Client LLC now owns 722 shares of the software maker's stock valued at $226,000 after acquiring an additional 32 shares in the last quarter. Townsquare Capital LLC lifted its holdings in Cadence Design Systems by 3.6% in the fourth quarter. Townsquare Capital LLC now owns 977 shares of the software maker's stock valued at $305,000 after acquiring an additional 34 shares during the period. Pinnacle Associates Ltd. lifted its holdings in Cadence Design Systems by 3.4% in the third quarter. Pinnacle Associates Ltd. now owns 1,079 shares of the software maker's stock valued at $379,000 after acquiring an additional 35 shares during the period. Finally, Global Assets Advisory LLC boosted its position in Cadence Design Systems by 2.1% in the 4th quarter. Global Assets Advisory LLC now owns 1,726 shares of the software maker's stock worth $540,000 after purchasing an additional 35 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 51,887 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $370.00, for a total transaction of $19,198,190.00. Following the completion of the transaction, the chief executive officer owned 303,525 shares in the company, valued at $112,304,250. This represents a 14.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Wall sold 21,500 shares of the firm's stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $309.45, for a total transaction of $6,653,175.00. Following the completion of the transaction, the chief financial officer directly owned 86,875 shares in the company, valued at $26,883,468.75. This represents a 19.84% 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. Over the last quarter, insiders sold 179,557 shares of company stock valued at $67,205,642. Insiders own 0.49% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CDNS shares. Piper Sandler raised their price objective on shares of Cadence Design Systems from $319.00 to $325.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 28th. Stifel Nicolaus increased their price target 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. Robert W. Baird increased their price target on shares of Cadence Design Systems from $381.00 to $385.00 and gave the stock an "outperform" rating in a report on Tuesday, April 28th. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $400.00 to $425.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $400.00 price objective on shares of Cadence Design Systems in a report on Tuesday, April 28th. Fourteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $386.59.

Cadence Design Systems Stock Up 2.5%

Cadence Design Systems stock opened at $377.27 on Friday. The stock has a market capitalization of $104.06 billion, a PE ratio of 87.94, a price-to-earnings-growth ratio of 4.47 and a beta of 1.15. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69. The business has a 50 day simple moving average of $364.23 and a 200-day simple moving average of $323.36. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.47 and a quick ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 27th. The software maker reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.91 by $0.05. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.46 billion. Cadence Design Systems had a return on equity of 28.44% and a net margin of 21.18%.The business's revenue was up 18.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.57 EPS. 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 anticipate that Cadence Design Systems, Inc. will post 6.23 EPS for the current fiscal year.

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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