Guggenheim Capital LLC Raises Stake in Cadence Design Systems, Inc. $CDNS

Guggenheim Capital LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 30.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 76,740 shares of the software maker’s stock after buying an additional 17,837 shares during the quarter. Guggenheim Capital LLC’s holdings in Cadence Design Systems were worth $23,647,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its stake in Cadence Design Systems by 41.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,430 shares of the software maker’s stock valued at $440,000 after acquiring an additional 416 shares in the last quarter. Pragma Gestao DE Patrimonio Ltd. grew its position in shares of Cadence Design Systems by 37.2% during the 2nd quarter. Pragma Gestao DE Patrimonio Ltd. now owns 18,800 shares of the software maker’s stock valued at $5,793,000 after purchasing an additional 5,100 shares in the last quarter. Invesco Ltd. grew its position in shares of Cadence Design Systems by 1.1% during the 2nd quarter. Invesco Ltd. now owns 2,443,737 shares of the software maker’s stock valued at $753,038,000 after purchasing an additional 27,453 shares in the last quarter. 1832 Asset Management L.P. increased its holdings in shares of Cadence Design Systems by 7.4% in the second quarter. 1832 Asset Management L.P. now owns 301,780 shares of the software maker’s stock worth $92,994,000 after purchasing an additional 20,674 shares during the period. Finally, CW Advisors LLC raised its position in shares of Cadence Design Systems by 19.7% in the second quarter. CW Advisors LLC now owns 3,156 shares of the software maker’s stock worth $973,000 after buying an additional 519 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $334.51, for a total value of $60,211.80. Following the transaction, the director owned 7,830 shares in the company, valued at approximately $2,619,213.30. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 5,550 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $327.80, for a total value of $1,819,290.00. Following the completion of the sale, the chief executive officer directly owned 195,844 shares in the company, valued at $64,197,663.20. The trade was a 2.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 16,230 shares of company stock worth $5,499,372. 0.37% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on CDNS shares. Wells Fargo & Company boosted their target price on Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Wall Street Zen lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. KeyCorp restated an “overweight” rating and issued a $405.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 28th. BNP Paribas initiated coverage on shares of Cadence Design Systems in a research report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 target price for the company. Finally, JPMorgan Chase & Co. increased their price target on shares of Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Fifteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $379.11.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $336.11 on Thursday. The company has a 50-day simple moving average of $328.98 and a two-hundred day simple moving average of $329.53. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The firm has a market cap of $91.49 billion, a price-to-earnings ratio of 86.63, a PEG ratio of 3.98 and a beta of 1.05. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.14. The company had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.Cadence Design Systems’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.64 EPS. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS and its Q4 2025 guidance at 1.880-1.940 EPS. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems Company 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.