Cadence Design Systems, Inc. $CDNS Shares Bought by Wealthfront Advisers LLC

Wealthfront Advisers LLC increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,502 shares of the software maker’s stock after purchasing an additional 521 shares during the quarter. Wealthfront Advisers LLC’s holdings in Cadence Design Systems were worth $8,167,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Smallwood Wealth Investment Management LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at approximately $25,000. Costello Asset Management INC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $25,000. Barrett & Company Inc. acquired a new stake in shares of Cadence Design Systems in the second quarter valued at approximately $31,000. Saudi Central Bank acquired a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $27,000. Finally, Valley National Advisers Inc. increased its holdings in shares of Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock valued at $28,000 after purchasing an additional 99 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CDNS shares. Loop Capital increased their price objective on Cadence Design Systems from $370.00 to $390.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Needham & Company LLC increased their price objective on Cadence Design Systems from $325.00 to $390.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. KeyCorp increased their price objective on Cadence Design Systems from $358.00 to $405.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 29th. Berenberg Bank set a $400.00 price objective on Cadence Design Systems in a research report on Wednesday, July 30th. Finally, The Goldman Sachs Group started coverage on Cadence Design Systems in a research report on Thursday, July 10th. They issued a “buy” rating and a $380.00 price objective for the company. Thirteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $369.71.

Insider Activity at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total value of $60,211.80. Following the completion of the transaction, the director directly owned 7,830 shares in the company, valued at approximately $2,619,213.30. This trade represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John M. Wall sold 7,500 shares of Cadence Design Systems 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 transaction, the chief financial officer owned 70,715 shares of the company’s stock, valued at approximately $24,690,849.40. This trade represents a 9.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,680 shares of company stock worth $3,729,852. Company insiders own 0.37% of the company’s stock.

Cadence Design Systems Trading Up 1.8%

CDNS opened at $351.40 on Tuesday. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $376.45. The business has a fifty day simple moving average of $346.90 and a 200-day simple moving average of $323.72. The firm has a market cap of $95.75 billion, a P/E ratio of 94.97, a P/E/G ratio of 4.52 and a beta of 0.99. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49.

Cadence Design Systems (NASDAQ:CDNS) last released its 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. The firm 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 29.65% and a net margin of 19.88%.Cadence Design Systems’s revenue was up 10.1% compared to the same quarter last year. During the same period last year, the business posted $1.64 earnings per share. 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, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Cadence Design Systems 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.