Cadence Design Systems, Inc. $CDNS Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 29.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 448,561 shares of the software maker’s stock after selling 191,191 shares during the period. California Public Employees Retirement System owned about 0.16% of Cadence Design Systems worth $138,224,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CDNS. Gabelli Funds LLC lifted its holdings in shares of Cadence Design Systems by 4.3% in the second quarter. Gabelli Funds LLC now owns 37,193 shares of the software maker’s stock valued at $11,461,000 after purchasing an additional 1,520 shares in the last quarter. Gamco Investors INC. ET AL raised its position in shares of Cadence Design Systems by 9.9% during the 2nd quarter. Gamco Investors INC. ET AL now owns 14,655 shares of the software maker’s stock worth $4,516,000 after purchasing an additional 1,318 shares during the last quarter. Jump Financial LLC purchased a new stake in Cadence Design Systems in the 2nd quarter valued at approximately $4,854,000. Cary Street Partners Investment Advisory LLC grew its holdings in Cadence Design Systems by 87.2% during the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 292 shares of the software maker’s stock valued at $90,000 after buying an additional 136 shares during the last quarter. Finally, PGIM Custom Harvest LLC increased its position in Cadence Design Systems by 16.9% during the second quarter. PGIM Custom Harvest LLC now owns 963 shares of the software maker’s stock worth $297,000 after buying an additional 139 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CDNS shares. JPMorgan Chase & Co. upped their price objective on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. BNP Paribas Exane began 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 on the stock. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a report on Tuesday, October 28th. Finally, Wolfe Research reissued an “outperform” rating and set a $385.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Fifteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $379.11.

Cadence Design Systems Stock Up 0.1%

CDNS opened at $337.53 on Monday. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45. The business has a 50-day moving average of $328.46 and a two-hundred day moving average of $329.86. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. The stock has a market capitalization of $91.88 billion, a price-to-earnings ratio of 86.99, a price-to-earnings-growth ratio of 4.34 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last announced 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. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the firm posted $1.64 EPS. The company’s revenue was up 10.1% on a year-over-year basis. 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, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total value of $60,211.80. Following the transaction, the director directly owned 7,830 shares of the company’s stock, valued at approximately $2,619,213.30. This trade represents a 2.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 value of $1,819,290.00. Following the completion of the transaction, the chief executive officer owned 195,844 shares in the company, valued at $64,197,663.20. The trade was a 2.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 16,230 shares of company stock worth $5,499,372. Company insiders own 0.37% 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.