State Street Corp Purchases 135,206 Shares of Cadence Design Systems, Inc. $CDNS

State Street Corp grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 1.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,603,368 shares of the software maker's stock after purchasing an additional 135,206 shares during the quarter. State Street Corp owned approximately 4.63% of Cadence Design Systems worth $3,939,561,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Cadence Design Systems by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 27,231,070 shares of the software maker's stock valued at $8,511,888,000 after purchasing an additional 307,753 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Cadence Design Systems by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 7,627,272 shares of the software maker's stock valued at $2,378,707,000 after purchasing an additional 92,152 shares during the last quarter. Norges Bank bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at $1,352,922,000. Van ECK Associates Corp boosted its stake in shares of Cadence Design Systems by 11.9% in the 4th quarter. Van ECK Associates Corp now owns 3,534,180 shares of the software maker's stock valued at $1,104,714,000 after purchasing an additional 376,654 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Cadence Design Systems by 20.4% in the 3rd quarter. Invesco Ltd. now owns 2,942,746 shares of the software maker's stock valued at $1,033,669,000 after purchasing an additional 499,009 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Up 0.3%

Shares of NASDAQ CDNS opened at $384.96 on Friday. The firm has a market cap of $106.18 billion, a PE ratio of 89.73, a P/E/G ratio of 4.54 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. The company's fifty day simple moving average is $344.32 and its 200 day simple moving average is $318.73. 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 (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 27th. The software maker reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.91 by $0.05. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.46 billion. Cadence Design Systems had a net margin of 21.18% and a return on equity of 28.44%. Cadence Design Systems's revenue was up 18.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.57 earnings per share. 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. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 6.23 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 10,500 shares of the company's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $339.00, for a total transaction of $3,559,500.00. Following the transaction, the vice president owned 33,946 shares in the company, valued at approximately $11,507,694. This represents a 23.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Anirudh Devgan sold 51,887 shares of the company's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $370.00, for a total transaction of $19,198,190.00. Following the transaction, the chief executive officer owned 303,525 shares in the company, valued at approximately $112,304,250. The trade was a 14.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 176,226 shares of company stock valued at $65,900,542 in the last ninety days. Insiders own 0.49% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CDNS shares. Piper Sandler upped their price objective on shares of Cadence Design Systems from $319.00 to $325.00 and gave the company a "neutral" rating in a research note on Tuesday, April 28th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $360.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 24th. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $381.00 to $385.00 and gave the company an "outperform" rating in a research note on Tuesday, April 28th. Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $395.00 to $432.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Needham & Company LLC reissued a "buy" rating and set a $400.00 target price on shares of Cadence Design Systems in a research note on Tuesday, April 28th. Fourteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $386.59.

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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