Robinhood Asset Management LLC Acquires New Shares in Cadence Design Systems, Inc. $CDNS

Key Points

• Robinhood Asset Management acquired 32,747 Cadence Design Systems shares in the second quarter, worth approximately $12.3 million. Institutional investors collectively own 84.85% of CDNS.
• Analysts maintain a favorable outlook, with 13 Buy ratings and three Holds; the stock has an average rating of “Moderate Buy” and an average price target of $405.69.
• Cadence reported quarterly earnings of $2.11 per share, exceeding estimates by $0.06, while revenue rose 24.2% year over year to $1.58 billion. Insiders, however, sold 89,599 shares worth about $35.7 million over the past 90 days.

Robinhood Asset Management LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 32,747 shares of the software maker's stock, valued at approximately $12,291,000.

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

Insider Activity at Cadence Design Systems

In related news, Director James D. Plummer sold 1,511 shares of the company's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $381.34, for a total transaction of $576,204.74. Following the sale, the director owned 23,264 shares in the company, valued at approximately $8,871,493.76. This represents a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $387.45, for a total value of $69,741.00. Following the transaction, the director directly owned 8,004 shares of the company's stock, valued at $3,101,149.80. This trade represents a 2.20% 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. Over the last 90 days, insiders sold 89,599 shares of company stock worth $35,710,627. Corporate insiders own 0.49% of the company's stock.

Analyst Ratings Changes

CDNS has been the subject of several research analyst reports. Bank of America boosted their price objective on Cadence Design Systems from $400.00 to $420.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $410.00 to $420.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Needham & Company LLC reiterated a "buy" rating and issued a $400.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 28th. Berenberg Bank set a $440.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, May 27th. Finally, Piper Sandler raised their price objective on shares of Cadence Design Systems from $325.00 to $349.00 and gave the stock a "neutral" rating in a report on Tuesday, July 28th. Thirteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $405.69.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $319.02 on Friday. The company's fifty day simple moving average is $353.70 and its 200-day simple moving average is $331.25. The company has a quick ratio of 1.53, a current ratio of 1.74 and a debt-to-equity ratio of 0.36. The firm has a market cap of $87.86 billion, a PE ratio of 63.42, a P/E/G ratio of 3.36 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.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, July 27th. The software maker reported $2.11 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the firm 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 expect that Cadence Design Systems, Inc. will post 6.4 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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