Rafferty Asset Management LLC Sells 13,700 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• Rafferty Asset Management LLC reduced its holdings in Cadence Design Systems by 10%, now owning 123,280 shares valued at approximately $31.35 million.
• Cadence Design Systems reported a 20.2% year-over-year revenue increase with a quarterly revenue of $1.28 billion and earnings per share of $1.65, exceeding analyst expectations.
• Analysts have raised their price targets for Cadence Design Systems, with Robert W. Baird and Loop Capital setting targets of $380.00 and $390.00 respectively, indicating strong confidence in the stock's performance.

Rafferty Asset Management LLC lessened its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 10.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 123,280 shares of the software maker's stock after selling 13,700 shares during the period. Rafferty Asset Management LLC's holdings in Cadence Design Systems were worth $31,354,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC bought a new stake in Cadence Design Systems in the 1st quarter worth $25,000. Costello Asset Management INC bought a new stake in Cadence Design Systems in the 1st quarter worth $25,000. Valley National Advisers Inc. grew its holdings in Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after acquiring an additional 99 shares during the last quarter. Ancora Advisors LLC grew its holdings in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after acquiring an additional 112 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in Cadence Design Systems by 36.5% in the 1st quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock worth $44,000 after acquiring an additional 46 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of research reports. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $340.00 to $380.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Stifel Nicolaus lifted their target price on shares of Cadence Design Systems from $350.00 to $395.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Berenberg Bank set a $400.00 target price on shares of Cadence Design Systems in a research note on Wednesday, July 30th. Needham & Company LLC lifted their target price on shares of Cadence Design Systems from $325.00 to $390.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Finally, Rosenblatt Securities reaffirmed a "neutral" rating and set a $300.00 target price on shares of Cadence Design Systems in a research note on Friday, July 25th. Twelve investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $364.33.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $358.72, for a total value of $358,720.00. Following the transaction, the vice president owned 104,499 shares in the company, valued at approximately $37,485,881.28. This represents a 0.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the transaction, the director owned 8,010 shares in the company, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,830 shares of company stock worth $1,207,671. Insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Down 1.1%

NASDAQ:CDNS traded down $3.86 during mid-day trading on Friday, hitting $350.43. 1,303,717 shares of the company's stock were exchanged, compared to its average volume of 1,433,451. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. The business has a fifty day moving average price of $334.39 and a 200 day moving average price of $297.38. The company has a market cap of $95.49 billion, a PE ratio of 94.71, a P/E/G ratio of 4.65 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 EPS 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 business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the firm 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. Equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems 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.