Strs Ohio Makes New Investment in Cadence Design Systems, Inc. $CDNS

Key Points

• Strs Ohio has made a significant investment in Cadence Design Systems, purchasing 60,975 shares valued at approximately $15.5 million.
• Cadence Design Systems reported a 20.2% increase in revenue year-over-year, achieving $1.65 EPS in their latest earnings, beating estimates by $0.09.
• Major analysts, including Wells Fargo and Mizuho, have increased their target prices for Cadence, with the average rating now at "Moderate Buy" and a target price of $364.33.

Strs Ohio bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 60,975 shares of the software maker's stock, valued at approximately $15,508,000.

Other hedge funds have also added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC bought a new stake in Cadence Design Systems in the first quarter worth $25,000. Costello Asset Management INC bought a new stake in Cadence Design Systems in the first quarter worth $25,000. Saudi Central Bank bought a new stake in Cadence Design Systems in the first quarter worth $27,000. Valley National Advisers Inc. boosted its holdings in Cadence Design Systems by 707.1% in the first 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. boosted its holdings in Cadence Design Systems by 36.5% in the first quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock worth $44,000 after acquiring an additional 46 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Down 3.2%

Cadence Design Systems stock opened at $343.48 on Friday. The stock has a market cap of $93.59 billion, a PE ratio of 92.83, a price-to-earnings-growth ratio of 4.65 and a beta of 1.00. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The stock has a fifty day moving average of $342.75 and a 200 day moving average of $302.31.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating analysts' consensus estimates of $1.56 by $0.09. The company had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%.Cadence Design Systems's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.28 earnings per share. 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, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Wells Fargo & Company boosted their target price on Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Mizuho upped their price target on Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a report on Tuesday, July 29th. Wall Street Zen raised Cadence Design Systems from a "hold" rating to a "buy" rating in a report on Saturday. Loop Capital upped their price target on Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Finally, Needham & Company LLC upped their price target on Cadence Design Systems from $325.00 to $390.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Twelve analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $364.33.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $343.95, for a total value of $343,950.00. Following the completion of the sale, the vice president owned 102,499 shares in the company, valued at $35,254,531.05. This represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the company'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 sale, the director owned 7,830 shares of the company's stock, valued at approximately $2,619,213.30. The trade was a 2.25% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,180 shares of company stock valued at $1,069,232. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Profile

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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