Cadence Design Systems, Inc. $CDNS Shares Sold by Spyglass Capital Management LLC

Spyglass Capital Management LLC reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 32.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 157,335 shares of the software maker’s stock after selling 76,012 shares during the period. Cadence Design Systems accounts for about 3.2% of Spyglass Capital Management LLC’s holdings, making the stock its 19th largest holding. Spyglass Capital Management LLC’s holdings in Cadence Design Systems were worth $59,051,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. George Kaiser Family Foundation acquired a new stake in shares of Cadence Design Systems in the second quarter worth $725,000. MUFG Securities EMEA plc lifted its holdings in shares of Cadence Design Systems by 113.9% during the 4th quarter. MUFG Securities EMEA plc now owns 11,159 shares of the software maker’s stock valued at $3,488,000 after acquiring an additional 5,943 shares in the last quarter. Sun Financial Inc acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at $1,225,000. Leonteq Securities AG purchased a new stake in Cadence Design Systems during the 4th quarter worth $1,105,000. Finally, PNC Financial Services Group Inc. boosted its position in Cadence Design Systems by 1.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 369,717 shares of the software maker’s stock worth $115,566,000 after purchasing an additional 3,562 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $338.78 on Tuesday. Cadence Design Systems, Inc. has a 52 week low of $262.75 and a 52 week high of $416.69. The company has a current ratio of 1.74, a quick ratio of 1.53 and a debt-to-equity ratio of 0.36. The stock has a market cap of $93.30 billion, a P/E ratio of 67.35, a price-to-earnings-growth ratio of 3.65 and a beta of 1.15. The stock has a 50 day moving average of $347.16 and a 200-day moving average of $333.84.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 27th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.58 billion. Cadence Design Systems had a net margin of 23.60% and a return on equity of 27.98%. The business’s revenue was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.65 earnings per share. Cadence Design Systems has set its FY 2026 guidance at 8.050-8.150 EPS and its Q3 2026 guidance at 2.010-2.070 EPS. On average, analysts expect that Cadence Design Systems, Inc. will post 6.4 EPS for the current fiscal year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 2,000 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $323.32, for a total value of $646,640.00. Following the sale, the vice president owned 124,586 shares in the company, valued at approximately $40,281,145.52. This represents a 1.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Plummer sold 1,511 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $381.34, for a total transaction of $576,204.74. Following the completion of the sale, the director owned 23,264 shares in the company, valued at approximately $8,871,493.76. This trade represents a 6.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 7,221 shares of company stock worth $2,570,606. 0.49% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research reports. Piper Sandler raised their price objective on Cadence Design Systems from $325.00 to $349.00 and gave the company a “neutral” rating in a research report on Tuesday, July 28th. Robert W. Baird upped their target price on Cadence Design Systems from $415.00 to $420.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 28th. Rosenblatt Securities increased their target price on Cadence Design Systems from $410.00 to $420.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Wells Fargo & Company boosted their price target on Cadence Design Systems from $400.00 to $425.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Finally, Bank of America upped their price target on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Thirteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $405.69.

Cadence Design Systems Company 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.