Gabelli Funds LLC Has $11.46 Million Position in Cadence Design Systems, Inc. $CDNS

Gabelli Funds LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,193 shares of the software maker’s stock after purchasing an additional 1,520 shares during the quarter. Gabelli Funds LLC’s holdings in Cadence Design Systems were worth $11,461,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Saudi Central Bank acquired a new position in shares of Cadence Design Systems during the first quarter worth $27,000. Barrett & Company Inc. bought a new stake in Cadence Design Systems during the 2nd quarter worth $31,000. E Fund Management Hong Kong Co. Ltd. increased its holdings in Cadence Design Systems by 41.1% in the 2nd 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 in the last quarter. Princeton Global Asset Management LLC bought a new position in Cadence Design Systems in the second quarter valued at about $40,000. Finally, Key Financial Inc boosted its stake in shares of Cadence Design Systems by 174.5% during the second 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. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Oppenheimer raised 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 note on Monday, December 1st. BNP Paribas Exane assumed coverage on shares of Cadence Design Systems in a research note on Thursday, October 2nd. They set an “outperform” rating and a $400.00 price target for the company. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. BNP Paribas assumed coverage on Cadence Design Systems in a report on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price objective for the company. Finally, Wolfe Research reaffirmed an “outperform” rating and set a $385.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Fifteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $379.11.

Cadence Design Systems Price Performance

CDNS stock opened at $337.29 on Tuesday. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. The firm has a market cap of $91.81 billion, a price-to-earnings ratio of 86.93, a PEG ratio of 4.34 and a beta of 1.05. The company’s fifty day simple moving average is $328.23 and its 200 day simple moving average is $330.00. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, topping the consensus estimate 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 30.13% and a net margin of 20.35%.The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the company posted $1.64 EPS. 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, analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, CFO John M. Wall sold 7,500 shares of the stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $349.16, for a total transaction of $2,618,700.00. Following the transaction, the chief financial officer directly owned 70,715 shares in the company, valued at approximately $24,690,849.40. This represents a 9.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 5,550 shares of Cadence Design Systems stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $327.80, for a total transaction of $1,819,290.00. Following the completion of the sale, the chief executive officer owned 195,844 shares of the company’s stock, valued at $64,197,663.20. This represents a 2.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 16,230 shares of company stock valued at $5,499,372 in the last ninety days. 0.37% of the stock is owned by corporate insiders.

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.