Cadence Design Systems, Inc. $CDNS Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 24.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,258 shares of the software maker’s stock after selling 7,341 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Cadence Design Systems were worth $6,859,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CDNS. Canal Capital Management LLC purchased a new stake in shares of Cadence Design Systems during the second quarter worth $3,727,000. Valeo Financial Advisors LLC grew its stake in Cadence Design Systems by 2.6% during the 2nd quarter. Valeo Financial Advisors LLC now owns 2,113 shares of the software maker’s stock worth $651,000 after purchasing an additional 54 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in Cadence Design Systems by 16.1% during the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 9,599 shares of the software maker’s stock worth $2,958,000 after purchasing an additional 1,329 shares during the period. Thrivent Financial for Lutherans raised its position in Cadence Design Systems by 10.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 12,441 shares of the software maker’s stock valued at $3,831,000 after purchasing an additional 1,185 shares in the last quarter. Finally, MASTERINVEST Kapitalanlage GmbH acquired a new stake in Cadence Design Systems in the 2nd quarter valued at about $3,501,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $337.48, for a total transaction of $60,746.40. Following the transaction, the director directly owned 7,650 shares in the company, valued at approximately $2,581,722. This trade represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Scannell sold 5,490 shares of the company’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the completion of the sale, the vice president owned 20,321 shares of the company’s stock, valued at approximately $6,897,557.03. This trade represents a 21.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 41,720 shares of company stock worth $14,163,377 over the last ninety days. 0.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CDNS. BNP Paribas began coverage on shares of Cadence Design Systems in a research note on Thursday, October 2nd. They set an “outperform” rating and a $400.00 target price on the stock. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. JPMorgan Chase & Co. increased their price objective 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. Oppenheimer raised shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price objective for the company in a research report on Monday, December 1st. Finally, Citigroup began coverage on Cadence Design Systems in a report on Monday, November 24th. They issued a “buy” rating and a $385.00 target price on the stock. Fifteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $379.11.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $319.53 on Wednesday. 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 capitalization of $86.98 billion, a P/E ratio of 82.35, a P/E/G ratio of 4.10 and a beta of 1.05. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. The company’s fifty day moving average price is $325.69 and its 200 day moving average price is $331.11.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.14. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. Cadence Design Systems’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.64 earnings per share. 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 predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal 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.