Principal Financial Group Inc. Has $524.87 Million Holdings in Cadence Design Systems, Inc. $CDNS

Key Points

• Principal Financial Group reduced its Cadence Design Systems stake by 14.7% in the first quarter, but still held 1.89 million shares valued at about $524.9 million at the end of the period.
• Cadence insiders have been selling shares: CEO Anirudh Devgan and CFO John M. Wall both sold stock under pre-arranged trading plans, and insiders sold a total of 178,557 shares worth about $66.9 million in the last quarter.
• The company beat quarterly earnings and revenue estimates, posting $1.96 EPS on $1.47 billion in revenue, while analysts remain broadly positive with an average Moderate Buy rating and a $387 price target.

Principal Financial Group Inc. lessened its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 14.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,888,874 shares of the software maker's stock after selling 324,229 shares during the period. Principal Financial Group Inc. owned about 0.68% of Cadence Design Systems worth $524,866,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CDNS. Brighton Jones LLC boosted its holdings in Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock worth $456,000 after purchasing an additional 676 shares during the last quarter. Integrated Wealth Concepts LLC boosted its stake in shares of Cadence Design Systems by 3.8% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker's stock worth $560,000 after buying an additional 80 shares during the last quarter. Thompson Davis & CO. Inc. bought a new position in shares of Cadence Design Systems in the 2nd quarter valued at about $205,000. NewEdge Advisors LLC grew its holdings in shares of Cadence Design Systems by 39.3% in the 2nd quarter. NewEdge Advisors LLC now owns 34,787 shares of the software maker's stock valued at $10,720,000 after acquiring an additional 9,807 shares in the last quarter. Finally, Glenview Trust co acquired a new stake in shares of Cadence Design Systems in the second quarter valued at about $226,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Activity

In other news, CEO Anirudh Devgan sold 51,887 shares of Cadence Design Systems stock in a transaction dated Friday, May 22nd. The stock was 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 of the company's stock, valued at approximately $112,304,250. This trade represents a 14.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO John M. Wall sold 21,500 shares of the business's stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $309.45, for a total value 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. In the last quarter, insiders have sold 178,557 shares of company stock worth $66,925,452. 0.49% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CDNS. Weiss Ratings reissued a "hold (c)" rating on shares of Cadence Design Systems in a research report on Thursday, July 2nd. Piper Sandler lifted their target price on Cadence Design Systems from $319.00 to $325.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 28th. Needham & Company LLC reiterated a "buy" rating and issued a $400.00 price objective on shares of Cadence Design Systems in a report on Tuesday, April 28th. Stifel Nicolaus lifted 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, Berenberg Bank set a $440.00 price target on shares of Cadence Design Systems in a report on Wednesday, May 27th. Thirteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Cadence Design Systems has an average rating of "Moderate Buy" and an average target price of $387.00.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $377.92 on Tuesday. The business has a fifty day simple moving average of $375.79 and a 200 day simple moving average of $327.44. The company has a market cap of $104.24 billion, a P/E ratio of 88.09, a P/E/G ratio of 4.55 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 released its quarterly earnings data on Monday, April 27th. The software maker reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.05. The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.46 billion. Cadence Design Systems had a return on equity of 28.44% and a net margin of 21.18%.During the same quarter last year, the business posted $1.57 EPS. Cadence Design Systems's revenue for the quarter 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, sell-side analysts forecast that Cadence Design Systems, Inc. will post 6.23 EPS for the current fiscal year.

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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