Cadence Design Systems, Inc. $CDNS Shares Sold by Renaissance Group LLC

Renaissance Group LLC lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 113,797 shares of the software maker’s stock after selling 3,051 shares during the period. Renaissance Group LLC’s holdings in Cadence Design Systems were worth $35,067,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Costello Asset Management INC purchased a new stake in Cadence Design Systems during the 1st quarter valued at about $25,000. Barrett & Company Inc. acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth approximately $31,000. Saudi Central Bank acquired a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $27,000. E Fund Management Hong Kong Co. Ltd. lifted its position 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 worth $39,000 after buying an additional 37 shares in the last quarter. Finally, Key Financial Inc boosted its stake in Cadence Design Systems by 174.5% during the second quarter. Key Financial Inc now owns 129 shares of the software maker’s stock worth $40,000 after buying an additional 82 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CDNS shares. BNP Paribas initiated coverage on Cadence Design Systems in a research note on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 target price for the company. KeyCorp reaffirmed an “overweight” rating and set a $405.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Wall Street Zen cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. BNP Paribas Exane started coverage on shares of Cadence Design Systems in a research report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 price target on the stock. Finally, Stifel Nicolaus upped their price objective on Cadence Design Systems from $350.00 to $395.00 and gave the company a “buy” rating in a report on Tuesday, July 29th. Fourteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $376.00.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $340.26, for a total transaction of $340,260.00. Following the sale, the vice president directly owned 98,067 shares in the company, valued at $33,368,277.42. This represents a 1.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $334.51, for a total transaction of $60,211.80. Following the completion of the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 16,230 shares of company stock worth $5,530,682 over the last quarter. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of CDNS opened at $303.21 on Wednesday. The firm has a 50-day simple moving average of $339.25 and a two-hundred day simple moving average of $329.89. The stock has a market cap of $82.53 billion, a PE ratio of 78.15, a P/E/G ratio of 4.55 and a beta of 1.00. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.67.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the company posted $1.64 EPS. The firm’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. Q4 2025 guidance at 1.880-1.940 EPS. As a group, analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.