Arrowstreet Capital Limited Partnership Cuts Stock Position in Cadence Design Systems, Inc. $CDNS

Arrowstreet Capital Limited Partnership decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 286,506 shares of the software maker’s stock after selling 36,420 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Cadence Design Systems were worth $88,287,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CDNS. Costello Asset Management INC bought a new position in shares of Cadence Design Systems during the first quarter valued at $25,000. Barrett & Company Inc. bought a new position in Cadence Design Systems in the 2nd quarter worth about $31,000. Saudi Central Bank purchased a new stake in Cadence Design Systems during the 1st quarter valued at about $27,000. E Fund Management Hong Kong Co. Ltd. increased its stake in Cadence Design Systems by 41.1% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock valued at $39,000 after purchasing an additional 37 shares in the last quarter. Finally, Key Financial Inc increased its stake in Cadence Design Systems by 174.5% during the 2nd quarter. Key Financial Inc now owns 129 shares of the software maker’s stock valued at $40,000 after purchasing an additional 82 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Transactions at Cadence Design Systems

In other news, CFO John M. Wall sold 7,500 shares of the company’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $349.16, for a total transaction of $2,618,700.00. Following the completion of the sale, the chief financial officer owned 70,715 shares of the company’s stock, valued at $24,690,849.40. This represents a 9.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $312.64, for a total transaction of $312,640.00. Following the completion of the transaction, the vice president owned 97,067 shares in the company, valued at $30,347,026.88. This trade represents a 1.02% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 16,230 shares of company stock valued at $5,499,372. 0.37% of the stock is owned by company insiders.

Cadence Design Systems Price Performance

Shares of CDNS opened at $336.11 on Thursday. The firm has a fifty day simple moving average of $328.98 and a two-hundred day simple moving average of $329.53. The firm has a market cap of $91.49 billion, a PE ratio of 86.63, a P/E/G ratio of 3.98 and a beta of 1.05. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. 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 issued its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, topping the consensus estimate of $1.79 by $0.14. The company 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 30.13% and a net margin of 20.35%.Cadence Design Systems’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company 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. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Citigroup began coverage on shares of Cadence Design Systems in a report on Monday, November 24th. They set a “buy” rating and a $385.00 price target on the stock. Wells Fargo & Company upped their price objective on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. KeyCorp reissued an “overweight” rating and issued a $405.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Weiss Ratings restated a “hold (c)” rating on shares of Cadence Design Systems in a research note on Tuesday, November 25th. Finally, BNP Paribas Exane assumed coverage on Cadence Design Systems in a research report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 price objective on the stock. Fifteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $379.11.

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.