Rakuten Investment Management Inc. bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 66,470 shares of the software maker's stock, valued at approximately $24,775,000.
Several other institutional investors and hedge funds have also bought and sold shares of CDNS. Brighton Jones LLC grew its stake in shares of Cadence Design Systems by 80.2% in the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after buying an additional 676 shares during the period. Integrated Wealth Concepts LLC increased its position in Cadence Design Systems by 3.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker's stock valued at $560,000 after buying an additional 80 shares in the last quarter. Thompson Davis & CO. Inc. acquired a new position in Cadence Design Systems during the 2nd quarter worth approximately $205,000. NewEdge Advisors LLC raised its stake in Cadence Design Systems by 39.3% during the 2nd quarter. NewEdge Advisors LLC now owns 34,787 shares of the software maker's stock worth $10,720,000 after buying an additional 9,807 shares during the period. Finally, Glenview Trust co bought a new position in Cadence Design Systems in the second quarter worth approximately $226,000. 84.85% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
CDNS has been the subject of a number of research reports. Citigroup raised their price objective on Cadence Design Systems from $400.00 to $420.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. KeyCorp reaffirmed an "overweight" rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Needham & Company LLC reiterated a "buy" rating and issued a $400.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 28th. Benchmark reissued a "buy" rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Finally, Oppenheimer restated a "market perform" rating and set a $300.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $405.69.
Read Our Latest Report on CDNS
Cadence Design Systems Stock Performance
Shares of CDNS stock opened at $340.39 on Friday. The firm has a 50-day moving average of $348.17 and a 200-day moving average of $333.27. The company has a market cap of $93.74 billion, a P/E ratio of 67.67, a P/E/G ratio of 3.73 and a beta of 1.15. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.74 and a quick ratio of 1.53. Cadence Design Systems, Inc. has a one year low of $262.75 and a one year high of $416.69.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The software maker reported $2.11 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a net margin of 23.60% and a return on equity of 27.98%. The business had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.58 billion. During the same period in the previous year, the company earned $1.65 earnings per share. The firm's revenue for the quarter was up 24.2% compared to the same quarter last year. Cadence Design Systems has set its FY 2026 guidance at 8.050-8.150 EPS and its Q3 2026 guidance at 2.010-2.070 EPS. Equities research analysts forecast that Cadence Design Systems, Inc. will post 6.4 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, Director James D. Plummer sold 1,511 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $381.34, for a total transaction of $576,204.74. Following the sale, the director directly owned 23,264 shares in the company, valued at approximately $8,871,493.76. This represents a 6.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Anirudh Devgan sold 51,822 shares of the firm's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $395.00, for a total value of $20,469,690.00. Following the completion of the transaction, the chief executive officer directly owned 278,524 shares of the company's stock, valued at $110,016,980. The trade was a 15.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 91,129 shares of company stock valued at $36,206,647 in the last quarter. 0.49% of the stock is currently owned by company insiders.
About Cadence Design Systems
(
Free Report)
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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