Profund Advisors LLC Acquires 2,479 Shares of Cadence Design Systems, Inc. $CDNS

Profund Advisors LLC grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,927 shares of the software maker’s stock after acquiring an additional 2,479 shares during the period. Profund Advisors LLC’s holdings in Cadence Design Systems were worth $7,681,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Cadence Design Systems by 10.9% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,994 shares of the software maker’s stock valued at $44,064,000 after purchasing an additional 14,022 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Cadence Design Systems in the 1st quarter worth $12,031,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Cadence Design Systems by 4.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,779,848 shares of the software maker’s stock valued at $452,669,000 after purchasing an additional 73,719 shares during the period. Arizona State Retirement System raised its stake in shares of Cadence Design Systems by 1.8% in the first quarter. Arizona State Retirement System now owns 80,333 shares of the software maker’s stock worth $20,431,000 after purchasing an additional 1,447 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Cadence Design Systems during the first quarter worth about $289,744,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total transaction of $60,211.80. Following the transaction, the director owned 7,830 shares of the company’s stock, valued at approximately $2,619,213.30. This trade represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 5,550 shares of the company’s stock in a transaction dated Wednesday, November 5th. The shares were 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 of the company’s stock, valued at approximately $64,197,663.20. This trade represents a 2.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 16,230 shares of company stock valued at $5,530,682. 1.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CDNS has been the subject of a number of recent research reports. Piper Sandler reissued a “neutral” rating and set a $355.00 price target (up from $328.00) on shares of Cadence Design Systems in a research report on Tuesday, July 29th. Wall Street Zen downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. JPMorgan Chase & Co. lifted their price target on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Loop Capital raised their price objective on shares of Cadence Design Systems from $370.00 to $390.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Finally, BNP Paribas assumed coverage on shares of Cadence Design Systems in a report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 target price for the company. Fourteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $376.00.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $325.05 on Monday. The stock has a market cap of $88.48 billion, a price-to-earnings ratio of 83.78, a price-to-earnings-growth ratio of 4.55 and a beta of 1.00. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.67. The firm has a 50 day simple moving average of $344.35 and a 200-day simple moving average of $328.88. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45.

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

About Cadence Design Systems

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.