Truist Financial Corp Sells 8,169 Shares of Cadence Design Systems, Inc. $CDNS

Key Points

• Truist Financial Corp reduced its stake in Cadence Design Systems by 9.5%, selling 8,169 shares and owning 77,651 shares valued at approximately $23.9 million at the end of Q2.
• Analysts have mixed sentiments on Cadence Design Systems, with 14 "Buy" ratings, 3 "Hold" ratings, and 1 "Sell" rating, and a consensus price target of $368.53.
• In the last three months, company insiders sold 10,680 shares valued at around $3.73 million, indicating a potential shift in investor sentiment.

Truist Financial Corp reduced its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 9.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 77,651 shares of the software maker's stock after selling 8,169 shares during the quarter. Truist Financial Corp's holdings in Cadence Design Systems were worth $23,928,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CDNS. Smallwood Wealth Investment Management LLC acquired a new stake in Cadence Design Systems in the 1st quarter valued at $25,000. Costello Asset Management INC bought a new position in shares of Cadence Design Systems in the first quarter valued at $25,000. Saudi Central Bank bought a new position in shares of Cadence Design Systems in the first quarter valued at $27,000. Valley National Advisers Inc. lifted its stake in shares of Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after buying an additional 99 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Cadence Design Systems by 36.5% in the 1st quarter. Meeder Asset Management Inc. now owns 172 shares of the software maker's stock worth $44,000 after acquiring an additional 46 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. BNP Paribas began coverage on shares of Cadence Design Systems in a report on Thursday. They issued an "outperform" rating and a $400.00 target price on the stock. KeyCorp boosted their price objective on Cadence Design Systems from $358.00 to $405.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Wall Street Zen cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Loop Capital raised their price objective on Cadence Design Systems from $370.00 to $390.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Finally, Robert W. Baird raised their price objective on Cadence Design Systems from $340.00 to $380.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Fourteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus price target of $368.53.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 7,500 shares of the firm's stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $349.16, for a total value of $2,618,700.00. Following the completion of the transaction, the chief financial officer directly owned 70,715 shares of the company's stock, valued at $24,690,849.40. This trade represents a 9.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the 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 sale, the director directly owned 7,830 shares in the company, valued at $2,619,213.30. This trade represents a 2.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,680 shares of company stock valued at $3,729,852 over the last three months. Company insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $347.27 on Friday. The company's 50 day moving average is $353.04 and its 200-day moving average is $313.74. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49. The firm has a market cap of $94.63 billion, a P/E ratio of 93.86, a price-to-earnings-growth ratio of 4.55 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the firm posted $1.28 earnings per share. The company's quarterly 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. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

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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