Strs Ohio Decreases Stake in Cadence Design Systems, Inc. $CDNS

Strs Ohio cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 64,322 shares of the software maker’s stock after selling 6,498 shares during the quarter. Strs Ohio’s holdings in Cadence Design Systems were worth $22,594,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CDNS. Barrett & Company Inc. acquired a new position in Cadence Design Systems during the second quarter worth about $31,000. Strategic Wealth Investment Group LLC acquired a new stake in shares of Cadence Design Systems in the 2nd quarter worth approximately $32,000. Promus Capital LLC purchased a new position in Cadence Design Systems in the 2nd quarter valued at approximately $33,000. Robbins Farley acquired a new position in Cadence Design Systems during the third quarter worth $35,000. Finally, E Fund Management Hong Kong Co. Ltd. boosted its position in Cadence Design Systems by 41.1% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock worth $39,000 after purchasing an additional 37 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 5,490 shares of Cadence Design Systems stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total value of $1,863,470.70. Following the completion of the sale, the vice president owned 20,321 shares in the company, valued at $6,897,557.03. The trade was a 21.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John M. Wall sold 27,805 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the transaction, the chief financial officer directly owned 69,957 shares of the company’s stock, valued at approximately $22,286,201.49. This represents a 28.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 62,025 shares of company stock valued at $20,369,946 in the last three months. Company insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of a number of research analyst reports. Citigroup assumed coverage on Cadence Design Systems in a research report on Monday, November 24th. They issued a “buy” rating and a $385.00 price target for the company. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. JPMorgan Chase & Co. increased their price target on shares of Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Robert W. Baird lifted their price objective on Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $390.00 target price on shares of Cadence Design Systems in a report on Monday, December 22nd. Thirteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $379.59.

Cadence Design Systems Stock Up 0.4%

CDNS stock opened at $318.32 on Friday. The stock has a market capitalization of $86.65 billion, a P/E ratio of 82.04, a PEG ratio of 3.55 and a beta of 1.02. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The company has a 50 day moving average price of $317.17 and a two-hundred day moving average price of $333.31.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.14. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the company posted $1.64 EPS. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. 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. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems 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.