State of Alaska Department of Revenue Lowers Stake in Cadence Design Systems, Inc. $CDNS

Key Points

• The State of Alaska Department of Revenue decreased its stake in Cadence Design Systems by 4.5%, selling 1,445 shares and holding a total of 30,683 shares worth $9.45 million.
• Multiple analysts have raised their price targets for Cadence Design Systems, with several giving the stock a "Buy" rating, and the average price target now stands at $364.33.
• Cadence Design Systems reported earnings of $1.65 per share for the last quarter, exceeding estimates, with revenue increasing 20.2% year-over-year to $1.28 billion.

State of Alaska Department of Revenue reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,683 shares of the software maker's stock after selling 1,445 shares during the quarter. State of Alaska Department of Revenue's holdings in Cadence Design Systems were worth $9,454,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Smallwood Wealth Investment Management LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at about $25,000. Costello Asset Management INC acquired a new stake in Cadence Design Systems during the 1st quarter valued at approximately $25,000. Saudi Central Bank acquired a new stake in Cadence Design Systems in the first quarter valued at $27,000. Valley National Advisers Inc. grew its position in shares of 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 in the last quarter. Finally, Meeder Asset Management Inc. grew its position in shares of Cadence Design Systems by 36.5% during the 1st quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock valued at $44,000 after buying an additional 46 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Mizuho upped their price objective on Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a report on Tuesday, July 29th. KeyCorp boosted their price objective on Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Stifel Nicolaus boosted their price objective on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Loop Capital lifted their target price on shares of Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Finally, Berenberg Bank set a $400.00 price objective on shares of Cadence Design Systems in a report on Wednesday, July 30th. Twelve research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $364.33.

Cadence Design Systems Stock Down 0.3%

CDNS stock opened at $350.11 on Friday. The business's 50 day simple moving average is $350.50 and its 200 day simple moving average is $310.72. The firm has a market capitalization of $95.40 billion, a PE ratio of 94.62, a PEG ratio of 4.59 and a beta of 1.00. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share 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 during the quarter, compared to analysts' expectations of $1.25 billion. During the same quarter in the prior year, the business posted $1.28 earnings per share. Cadence Design Systems's revenue was up 20.2% compared to the same quarter last year. Cadence Design Systems has set its Q3 2025 guidance at 1.750-1.810 EPS. FY 2025 guidance at 6.850-6.950 EPS. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total value of $60,211.80. Following the completion of the transaction, the director owned 7,830 shares in the company, valued at $2,619,213.30. This trade represents a 2.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $343.95, for a total transaction of $343,950.00. Following the transaction, the vice president owned 102,499 shares in the company, valued at $35,254,531.05. The trade was a 0.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,180 shares of company stock worth $1,069,232. Insiders own 1.99% of the company's stock.

About Cadence Design Systems

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.

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