Canal Capital Management LLC Invests $3.73 Million in Cadence Design Systems, Inc. $CDNS

Canal Capital Management LLC acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,095 shares of the software maker’s stock, valued at approximately $3,727,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in Cadence Design Systems by 1.0% during 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. State Street Corp raised its stake in Cadence Design Systems by 1.4% during the second quarter. State Street Corp now owns 12,318,585 shares of the software maker’s stock worth $3,795,972,000 after acquiring an additional 172,551 shares during the period. Jennison Associates LLC lifted its holdings in Cadence Design Systems by 3.0% in the second quarter. Jennison Associates LLC now owns 9,338,102 shares of the software maker’s stock worth $2,877,536,000 after acquiring an additional 273,149 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cadence Design Systems by 1.2% in the second quarter. Geode Capital Management LLC now owns 6,363,734 shares of the software maker’s stock valued at $1,952,771,000 after acquiring an additional 77,478 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Cadence Design Systems by 7.1% during the first 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 purchasing an additional 312,757 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 5,490 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total value of $1,863,470.70. Following the completion of the sale, the vice president directly owned 20,321 shares in the company, valued at $6,897,557.03. This represents a 21.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Monday, December 1st. The shares were sold at an average price of $312.64, for a total value of $312,640.00. Following the transaction, the vice president directly owned 97,067 shares of the company’s stock, valued at approximately $30,347,026.88. The trade was a 1.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 41,720 shares of company stock valued at $14,163,377 over the last 90 days. Corporate insiders own 0.37% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $323.22 on Monday. The stock has a market cap of $87.98 billion, a P/E ratio of 83.30, a P/E/G ratio of 4.16 and a beta of 1.05. The firm’s 50-day simple moving average is $326.91 and its 200 day simple moving average is $330.63. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two 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 released its earnings results on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, beating 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 firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the company earned $1.64 EPS. Cadence Design Systems’s quarterly 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. Equities analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

CDNS has been the topic of several recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Cadence Design Systems in a report on Monday, December 8th. Wolfe Research reiterated an “outperform” rating and issued a $385.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a report on Tuesday, October 28th. KeyCorp reaffirmed an “overweight” rating and issued a $405.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. Finally, Needham & Company LLC reissued a “buy” rating and set a $390.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Fifteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $379.11.

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.