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

Baird Financial Group Inc. cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 195,187 shares of the software maker’s stock after selling 4,423 shares during the period. Baird Financial Group Inc. owned 0.07% of Cadence Design Systems worth $60,147,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CDNS. Vanguard Group Inc. increased its stake in Cadence Design Systems by 1.0% in the second quarter. Vanguard Group Inc. now owns 26,595,861 shares of the software maker’s stock valued at $8,195,515,000 after purchasing an additional 256,719 shares during the last quarter. Jennison Associates LLC boosted its stake in Cadence Design Systems by 3.0% in the 2nd quarter. Jennison Associates LLC now owns 9,338,102 shares of the software maker’s stock worth $2,877,536,000 after buying an additional 273,149 shares during the last quarter. Geode Capital Management LLC grew its holdings in Cadence Design Systems by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 6,363,734 shares of the software maker’s stock valued at $1,952,771,000 after buying an additional 77,478 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Cadence Design Systems by 7.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,729,026 shares of the software maker’s stock valued at $1,202,733,000 after acquiring an additional 312,757 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Cadence Design Systems during the 2nd quarter worth about $1,190,618,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 0.4%

Shares of NASDAQ:CDNS opened at $337.30 on Friday. The company has a market capitalization of $91.81 billion, a price-to-earnings ratio of 86.93, a price-to-earnings-growth ratio of 4.32 and a beta of 1.05. The company has a 50 day moving average of $328.71 and a two-hundred day moving average of $329.59. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.14. The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $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, analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $390.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Cadence Design Systems in a research note on Tuesday, November 25th. JPMorgan Chase & Co. increased their target price on Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Rosenblatt Securities lifted their target price on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a report on Tuesday, October 28th. Finally, Robert W. Baird upped their price target on Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Fifteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $379.11.

Insiders Place Their Bets

In other news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems 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 sale, the director directly owned 7,830 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 7,500 shares of the business’s stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $349.16, for a total value of $2,618,700.00. Following the completion of the transaction, the chief financial officer owned 70,715 shares in the company, valued at approximately $24,690,849.40. This trade represents a 9.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,230 shares of company stock valued at $5,499,372 over the last ninety days. Insiders own 1.99% of the company’s stock.

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.