Cadence Design Systems, Inc. $CDNS Shares Sold by Baird Financial Group Inc.

Baird Financial Group Inc. trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.2% in the second quarter, Holdings Channel reports. The firm owned 195,187 shares of the software maker’s stock after selling 4,423 shares during the quarter. Baird Financial Group Inc.’s holdings in Cadence Design Systems were worth $60,147,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. Brighton Jones LLC grew its position in shares of Cadence Design Systems by 80.2% in the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after acquiring an additional 676 shares in the last quarter. Harbour Investments Inc. lifted its stake in Cadence Design Systems by 27.7% during the first quarter. Harbour Investments Inc. now owns 304 shares of the software maker’s stock worth $77,000 after purchasing an additional 66 shares during the last quarter. Thoroughbred Financial Services LLC boosted its holdings in Cadence Design Systems by 6.9% in the first quarter. Thoroughbred Financial Services LLC now owns 1,604 shares of the software maker’s stock worth $407,000 after purchasing an additional 104 shares during the period. Costello Asset Management INC bought a new stake in Cadence Design Systems during the first quarter valued at $25,000. Finally, Empower Advisory Group LLC raised its holdings in shares of Cadence Design Systems by 4.1% during the first quarter. Empower Advisory Group LLC now owns 911 shares of the software maker’s stock worth $232,000 after purchasing an additional 36 shares during the period. 84.85% of the stock is owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The shares were 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 in the company, valued at $2,619,213.30. This trade represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Anirudh Devgan sold 5,550 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $327.80, for a total value of $1,819,290.00. Following the sale, the chief executive officer directly owned 195,844 shares in the company, valued at approximately $64,197,663.20. The trade was a 2.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 16,230 shares of company stock worth $5,499,372 in the last 90 days. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Needham & Company LLC reissued a “buy” rating and issued a $390.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Wells Fargo & Company upped their target price on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Wall Street Zen downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. 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 for the company. Fifteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $379.11.

Cadence Design Systems Stock Up 0.4%

Shares of Cadence Design Systems stock opened at $337.30 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The business’s fifty day moving average price is $328.71 and its two-hundred day moving average price is $329.59. The company has a market capitalization of $91.81 billion, a P/E ratio of 86.93, a PEG ratio of 4.32 and a beta of 1.05.

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, topping the consensus estimate of $1.79 by $0.14. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business 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. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.