SBI Okasan Asset Management Co.Ltd. Takes $1.86 Million Position in Cadence Design Systems, Inc. $CDNS

Key Points

• SBI Okasan Asset Management opened a new position in Cadence Design Systems, buying 5,850 shares worth about $1.86 million in the fourth quarter.
• Cadence reported better-than-expected Q1 results, with EPS of $1.96 versus $1.91 expected and revenue of $1.47 billion, up 18.6% year over year.
• The stock has attracted broad institutional interest, with 84.85% of shares held by institutions, while analysts currently rate it Moderate Buy with an average price target of $384.41.

SBI Okasan Asset Management Co.Ltd. purchased a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 5,850 shares of the software maker's stock, valued at approximately $1,859,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its holdings in Cadence Design Systems by 1.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 14,458 shares of the software maker's stock worth $4,519,000 after purchasing an additional 180 shares during the period. Jupiter Asset Management Ltd. bought a new position in Cadence Design Systems in the 4th quarter worth $2,194,000. Foundations Investment Advisors LLC bought a new position in Cadence Design Systems in the 4th quarter worth $371,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems in the 4th quarter worth $32,000. Finally, Huntington National Bank raised its holdings in Cadence Design Systems by 8.5% in the 4th quarter. Huntington National Bank now owns 4,279 shares of the software maker's stock worth $1,338,000 after purchasing an additional 334 shares during the period. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Down 0.1%

Shares of Cadence Design Systems stock opened at $373.85 on Friday. The firm has a market cap of $103.12 billion, a price-to-earnings ratio of 87.14, a PEG ratio of 4.43 and a beta of 1.13. The business has a 50-day moving average price of $319.52 and a 200-day moving average price of $312.37. 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 $383.80.

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

Insiders Place Their Bets

In other news, VP Paul Scannell sold 1,071 shares of Cadence Design Systems stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $345.06, for a total transaction of $369,559.26. Following the completion of the sale, the vice president owned 32,181 shares of the company's stock, valued at approximately $11,104,375.86. The trade was a 3.22% decrease in their ownership of the stock. 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, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $295.03, for a total transaction of $53,105.40. Following the sale, the director directly owned 7,470 shares of the company's stock, valued at $2,203,874.10. This represents a 2.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 93,138 shares of company stock valued at $32,492,540 over the last quarter. Corporate insiders own 0.49% of the company's stock.

Analyst Ratings Changes

CDNS has been the topic of a number of recent research reports. Piper Sandler raised their target price on Cadence Design Systems from $319.00 to $325.00 and gave the stock a "neutral" rating in a report on Tuesday, April 28th. Stifel Nicolaus set a $395.00 target price on Cadence Design Systems in a report on Wednesday, February 18th. KeyCorp raised their target price on Cadence Design Systems from $405.00 to $425.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Citigroup raised their target price on Cadence Design Systems from $385.00 to $400.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $360.00 target price on shares of Cadence Design Systems in a report on Friday, April 24th. Fourteen 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 has an average rating of "Moderate Buy" and an average price target of $384.41.

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.

Want to see what other hedge funds are holding CDNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.