Prudential Financial Inc. Raises Position in Cadence Design Systems, Inc. $CDNS

Prudential Financial Inc. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 154,969 shares of the software maker’s stock after purchasing an additional 13,511 shares during the quarter. Prudential Financial Inc. owned approximately 0.06% of Cadence Design Systems worth $47,754,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CDNS. Costello Asset Management INC purchased a new position in shares of Cadence Design Systems during the 1st quarter valued at $25,000. Saudi Central Bank purchased a new stake in Cadence Design Systems in the 1st quarter worth about $27,000. Barrett & Company Inc. bought a new stake in Cadence Design Systems in the 2nd quarter valued at about $31,000. E Fund Management Hong Kong Co. Ltd. lifted its holdings in Cadence Design Systems by 41.1% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock valued at $39,000 after purchasing an additional 37 shares during the last quarter. Finally, Princeton Global Asset Management LLC bought a new position in Cadence Design Systems during the second quarter worth about $40,000. 84.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CDNS shares. Wolfe Research reissued an “outperform” rating and issued a $385.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Berenberg Bank set a $400.00 price target on Cadence Design Systems in a report on Wednesday, July 30th. KeyCorp reiterated an “overweight” rating and set a $405.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Mizuho increased their price objective on Cadence Design Systems from $360.00 to $375.00 and gave the stock an “outperform” rating in a report on Tuesday, July 29th. Finally, Wall Street Zen lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Fifteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $376.47.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,550 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $327.80, for a total transaction of $1,819,290.00. Following the sale, the chief executive officer owned 195,844 shares in the company, valued at $64,197,663.20. This trade represents a 2.76% 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, CFO John M. Wall sold 7,500 shares of Cadence Design Systems 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 sale, the chief financial officer directly owned 70,715 shares of the company’s stock, valued at approximately $24,690,849.40. This trade represents a 9.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 16,230 shares of company stock worth $5,530,682 in the last three months. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 1.3%

CDNS stock opened at $304.47 on Tuesday. The company’s 50 day moving average is $335.77 and its 200 day moving average is $329.77. The stock has a market cap of $82.88 billion, a price-to-earnings ratio of 78.47, a price-to-earnings-growth ratio of 4.55 and a beta of 1.00. The company has a current ratio of 3.05, a quick ratio of 2.67 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.79 by $0.14. The business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the company 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. Sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.