Cadence Design Systems, Inc. $CDNS Shares Bought by Jennison Associates LLC

Jennison Associates LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 9,338,102 shares of the software maker’s stock after acquiring an additional 273,149 shares during the quarter. Cadence Design Systems makes up about 1.7% of Jennison Associates LLC’s holdings, making the stock its 14th largest holding. Jennison Associates LLC’s holdings in Cadence Design Systems were worth $2,877,536,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CDNS. Brighton Jones LLC increased its stake in Cadence Design Systems by 80.2% in the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock valued at $456,000 after buying an additional 676 shares during the period. Amalgamated Bank increased its stake in Cadence Design Systems by 2.2% in the 1st quarter. Amalgamated Bank now owns 58,225 shares of the software maker’s stock valued at $14,808,000 after buying an additional 1,228 shares during the period. Valley National Advisers Inc. grew its stake in shares of Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock worth $28,000 after purchasing an additional 99 shares during the period. Smallwood Wealth Investment Management LLC acquired a new position in shares of Cadence Design Systems during the 1st quarter worth $25,000. Finally, Alta Advisers Ltd grew its stake in shares of Cadence Design Systems by 65.7% during the 1st quarter. Alta Advisers Ltd now owns 1,513 shares of the software maker’s stock worth $385,000 after purchasing an additional 600 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research note on Tuesday. Stifel Nicolaus upped their price target on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Oppenheimer upped their price target on shares of Cadence Design Systems from $200.00 to $225.00 and gave the stock an “underperform” rating in a research note on Tuesday. Piper Sandler reaffirmed a “neutral” rating and set a $355.00 price target (up from $328.00) on shares of Cadence Design Systems in a research note on Tuesday, July 29th. Finally, BNP Paribas assumed 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. Fourteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $376.00.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $341.30 on Wednesday. The stock has a market cap of $93.00 billion, a price-to-earnings ratio of 87.96, a PEG ratio of 4.60 and a beta of 0.99. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. The company’s 50-day moving average price is $346.78 and its 200 day moving average price is $324.33. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.14. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.73%. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.64 EPS. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS. Q4 2025 guidance at 1.880-1.940 EPS. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction dated Wednesday, September 10th. The shares were 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 in the company, valued at approximately $2,619,213.30. This represents a 2.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $348.27, for a total transaction of $348,270.00. Following the completion of the transaction, the vice president owned 99,672 shares in the company, valued at approximately $34,712,767.44. This trade represents a 0.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 10,680 shares of company stock worth $3,729,852. Corporate insiders own 0.37% of the company’s stock.

Cadence Design Systems 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.