Allstate Corp Has $6.53 Million Position in Cadence Design Systems, Inc. $CDNS

Allstate Corp boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 106.3% in the fourth quarter, Holdings Channel reports. The firm owned 20,889 shares of the software maker’s stock after purchasing an additional 10,762 shares during the period. Allstate Corp’s holdings in Cadence Design Systems were worth $6,529,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. grew its holdings in Cadence Design Systems by 0.4% during the third quarter. Whittier Trust Co. now owns 7,072 shares of the software maker’s stock valued at $2,456,000 after purchasing an additional 30 shares during the period. Spirepoint Private Client LLC grew its holdings in Cadence Design Systems by 4.6% during the fourth quarter. Spirepoint Private Client LLC now owns 722 shares of the software maker’s stock valued at $226,000 after purchasing an additional 32 shares during the period. West Family Investments Inc. grew its holdings in Cadence Design Systems by 2.2% during the third quarter. West Family Investments Inc. now owns 1,559 shares of the software maker’s stock valued at $548,000 after purchasing an additional 33 shares during the period. Pinnacle Associates Ltd. grew its holdings in Cadence Design Systems by 3.4% during the third quarter. Pinnacle Associates Ltd. now owns 1,079 shares of the software maker’s stock valued at $379,000 after purchasing an additional 35 shares during the period. Finally, Bridgewater Advisors Inc. grew its holdings in Cadence Design Systems by 3.0% during the fourth quarter. Bridgewater Advisors Inc. now owns 1,233 shares of the software maker’s stock valued at $384,000 after purchasing an additional 36 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CDNS. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $400.00 to $425.00 and gave the company an “overweight” rating in a report on Tuesday. Robert W. Baird upped their price target on shares of Cadence Design Systems from $381.00 to $385.00 and gave the company an “outperform” rating in a report on Tuesday, April 28th. Citigroup upped their price target on shares of Cadence Design Systems from $385.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. KeyCorp upped their price target on shares of Cadence Design Systems from $405.00 to $425.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Finally, Piper Sandler upped their price target on shares of Cadence Design Systems from $319.00 to $325.00 and gave the company a “neutral” rating in a report on Tuesday, April 28th. Fourteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $382.06.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $381.75 on Wednesday. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $383.24. The firm has a fifty day simple moving average of $316.29 and a 200 day simple moving average of $311.67. The stock has a market capitalization of $105.29 billion, a price-to-earnings ratio of 88.99, a PEG ratio of 4.42 and a beta of 1.13. The company has a current ratio of 1.47, a quick ratio of 1.32 and a debt-to-equity ratio of 0.38.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 27th. The software maker reported $1.96 EPS for the quarter, topping the consensus estimate of $1.91 by $0.05. Cadence Design Systems had a net margin of 21.18% and a return on equity of 28.44%. The business had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the prior year, the company posted $1.57 earnings per share. The firm’s revenue was up 18.6% on a year-over-year basis. Cadence Design Systems has set its FY 2026 guidance at 7.850-7.950 EPS and its Q2 2026 guidance at 2.020-2.080 EPS. Research analysts forecast that Cadence Design Systems, Inc. will post 6.23 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $295.03, for a total transaction of $53,105.40. Following the completion of the transaction, the director owned 7,470 shares in the company, valued at approximately $2,203,874.10. This represents a 2.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 21,500 shares of the stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $309.45, for a total transaction of $6,653,175.00. Following the transaction, the chief financial officer owned 86,875 shares of the company’s stock, valued at $26,883,468.75. The trade was a 19.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 41,251 shares of company stock worth $13,294,350. Company insiders own 0.49% of the company’s stock.

About Cadence Design Systems

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.