Bain Capital Public Equity Management II LLC Takes Position in Cadence Design Systems, Inc. $CDNS

Bain Capital Public Equity Management II LLC purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 423,606 shares of the software maker’s stock, valued at approximately $130,534,000. Cadence Design Systems comprises approximately 6.2% of Bain Capital Public Equity Management II LLC’s investment portfolio, making the stock its 8th largest holding.

A number of other hedge funds have also bought and sold shares of CDNS. Saudi Central Bank bought a new position in Cadence Design Systems during the 1st quarter worth approximately $27,000. Barrett & Company Inc. acquired a new stake in shares of Cadence Design Systems during the 2nd quarter valued at approximately $31,000. E Fund Management Hong Kong Co. Ltd. raised its holdings in shares of Cadence Design Systems by 41.1% during the second 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 during the period. Princeton Global Asset Management LLC bought a new stake in shares of Cadence Design Systems during the 2nd quarter valued at about $40,000. Finally, Key Financial Inc boosted its stake in Cadence Design Systems by 174.5% in the second quarter. Key Financial Inc now owns 129 shares of the software maker’s stock valued at $40,000 after acquiring an additional 82 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Oppenheimer upgraded Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price objective for the company in a research report on Monday, December 1st. BNP Paribas Exane assumed 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 target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $390.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Wells Fargo & Company raised their target price on Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Finally, Citigroup initiated coverage on Cadence Design Systems in a report on Monday, November 24th. They set a “buy” rating and a $385.00 price objective for the company. Fifteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $379.11.

Insider Activity at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction dated Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total transaction of $60,211.80. Following the transaction, the director directly owned 7,830 shares in the company, valued at $2,619,213.30. The trade was a 2.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Anirudh Devgan sold 5,550 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $327.80, for a total value of $1,819,290.00. Following the completion of the transaction, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at approximately $64,197,663.20. This trade represents a 2.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 16,230 shares of company stock valued at $5,499,372. Company insiders own 0.37% of the company’s stock.

Cadence Design Systems Trading Down 0.1%

Cadence Design Systems stock opened at $337.29 on Tuesday. The firm has a market capitalization of $91.81 billion, a PE ratio of 86.93, a PEG ratio of 4.34 and a beta of 1.05. The business’s 50-day simple moving average is $328.23 and its 200-day simple moving average is $330.00. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.14. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The company had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the company earned $1.64 earnings per share. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. 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 research analysts forecast 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.