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

Texas Permanent School Fund Corp trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 24.8% in the 2nd quarter, according to its most recent disclosure with the SEC. 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 filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barrett & Company Inc. acquired a new stake in shares of Cadence Design Systems in the second quarter valued at about $31,000. Strategic Wealth Investment Group LLC purchased a new stake in Cadence Design Systems during the 2nd quarter valued at about $32,000. Saudi Central Bank acquired a new stake in Cadence Design Systems in the 1st quarter valued at about $27,000. Promus Capital LLC purchased a new position in Cadence Design Systems in the 2nd quarter worth approximately $33,000. Finally, E Fund Management Hong Kong Co. Ltd. lifted its stake in Cadence Design Systems by 41.1% in the 2nd 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. 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 on Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total transaction of $60,746.40. Following the completion of the transaction, the director directly owned 7,650 shares in the company, valued at $2,581,722. This trade represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 7,500 shares of the business’s stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $349.16, for a total value of $2,618,700.00. Following the completion of the sale, the chief financial officer owned 70,715 shares in the company, valued at $24,690,849.40. This represents a 9.59% 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 in the last three months. 0.37% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently commented on CDNS. BNP Paribas assumed coverage on Cadence Design Systems in a report on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price target for the company. Rosenblatt Securities upped their target price on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a report on Tuesday, October 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $390.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Finally, BNP Paribas Exane began coverage on shares of Cadence Design Systems in a research report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 price objective for the company. Fifteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $379.11.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $319.53 on Wednesday. The stock has a fifty day simple moving average of $325.69 and a 200-day simple moving average of $331.11. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. The stock has a market cap of $86.98 billion, a PE ratio of 82.35, a P/E/G ratio of 4.10 and a beta of 1.05. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last issued 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. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the firm earned $1.64 EPS. Cadence Design Systems’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 and its Q4 2025 guidance at 1.880-1.940 EPS. Equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share 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.