Bank of Nova Scotia Sells 154,005 Shares of Cadence Design Systems, Inc. $CDNS

Bank of Nova Scotia decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 62.6% during the 1st quarter, HoldingsChannel.com reports. The fund owned 91,843 shares of the software maker’s stock after selling 154,005 shares during the period. Bank of Nova Scotia’s holdings in Cadence Design Systems were worth $25,521,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CDNS. Norges Bank acquired a new position in Cadence Design Systems during the fourth quarter valued at approximately $1,352,922,000. J. Stern & Co. LLP increased its stake in shares of Cadence Design Systems by 10,159.3% in the 4th quarter. J. Stern & Co. LLP now owns 2,953,256 shares of the software maker’s stock valued at $923,129,000 after purchasing an additional 2,924,470 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Cadence Design Systems by 218.6% during the 4th quarter. Wellington Management Group LLP now owns 2,553,225 shares of the software maker’s stock worth $798,087,000 after buying an additional 1,751,927 shares in the last quarter. Scge Management L.P. acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth $187,663,000. Finally, Temasek Holdings Private Ltd lifted its position in shares of Cadence Design Systems by 319.5% during the 1st quarter. Temasek Holdings Private Ltd now owns 749,113 shares of the software maker’s stock worth $208,156,000 after buying an additional 570,537 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of recent analyst reports. Berenberg Bank set a $440.00 target price on Cadence Design Systems in a research report on Wednesday, May 27th. Robert W. Baird increased their target price on shares of Cadence Design Systems from $381.00 to $385.00 and gave the stock an “outperform” rating in a report on Tuesday, April 28th. Weiss Ratings restated a “hold (c)” rating on shares of Cadence Design Systems in a research note on Thursday, July 2nd. Piper Sandler raised their price target on shares of Cadence Design Systems from $319.00 to $325.00 and gave the company a “neutral” rating in a research note on Tuesday, April 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $400.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $393.65.

Cadence Design Systems Trading Down 1.3%

Shares of CDNS stock opened at $326.24 on Friday. Cadence Design Systems, Inc. has a twelve month low of $262.75 and a twelve month high of $416.69. The stock’s fifty day simple moving average is $373.92 and its 200 day simple moving average is $329.27. The company has a quick ratio of 1.32, a current ratio of 1.47 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $89.98 billion, a P/E ratio of 76.05, a P/E/G ratio of 3.86 and a beta of 1.15.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 27th. The software maker reported $1.96 EPS for the quarter, beating the consensus estimate of $1.91 by $0.05. Cadence Design Systems had a return on equity of 28.44% and a net margin of 21.18%.The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period last year, the company earned $1.57 earnings per share. The business’s quarterly 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. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 6.23 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO John M. Wall sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $348.71, for a total value of $1,743,550.00. Following the completion of the transaction, the chief financial officer owned 81,875 shares in the company, valued at $28,550,631.25. This trade represents a 5.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $391.00, for a total transaction of $782,000.00. Following the sale, the vice president directly owned 126,586 shares in the company, valued at $49,495,126. The trade was a 1.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 157,057 shares of company stock worth $60,272,277 over the last quarter. 0.49% of the stock is currently owned by corporate insiders.

Cadence Design Systems Company Profile

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.