Summit Global Investments Sells 2,422 Shares of Cadence Design Systems, Inc. $CDNS

Summit Global Investments lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 51.2% in the 1st quarter, Holdings Channel.com reports. The firm owned 2,312 shares of the software maker’s stock after selling 2,422 shares during the quarter. Summit Global Investments’ holdings in Cadence Design Systems were worth $642,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in CDNS. Meeder Advisory Services Inc. lifted its holdings in shares of Cadence Design Systems by 5.5% during the first quarter. Meeder Advisory Services Inc. now owns 8,757 shares of the software maker’s stock worth $2,433,000 after buying an additional 453 shares during the last quarter. SEB Asset Management AB acquired a new stake in shares of Cadence Design Systems in the first quarter worth $89,892,000. Swiss National Bank grew its stake in shares of Cadence Design Systems by 7.0% in the first quarter. Swiss National Bank now owns 798,860 shares of the software maker’s stock worth $221,979,000 after acquiring an additional 52,200 shares during the last quarter. World Equity Group Inc. bought a new position in Cadence Design Systems during the first quarter worth $284,000. Finally, AIA Group Ltd raised its stake in Cadence Design Systems by 181.5% during the 1st quarter. AIA Group Ltd now owns 60,416 shares of the software maker’s stock valued at $16,788,000 after purchasing an additional 38,957 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 2.2%

Shares of CDNS stock opened at $337.01 on Thursday. Cadence Design Systems, Inc. has a 12-month low of $262.75 and a 12-month high of $416.69. The company has a market capitalization of $92.95 billion, a P/E ratio of 78.56, a P/E/G ratio of 4.08 and a beta of 1.15. The firm has a 50-day moving average price of $374.79 and a 200 day moving average price of $329.15. The company has a quick ratio of 1.32, a current ratio of 1.47 and a debt-to-equity ratio of 0.38.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 27th. The software maker reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.91 by $0.05. Cadence Design Systems had a return on equity of 28.44% and a net margin of 21.18%.The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the firm posted $1.57 EPS. The business’s revenue was up 18.6% on a year-over-year basis. Cadence Design Systems has set its FY 2026 guidance at 7.850-7.950 EPS and its Q2 2026 guidance at 2.020-2.080 EPS. Research analysts forecast that Cadence Design Systems, Inc. will post 6.23 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 1,511 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $381.34, for a total transaction of $576,204.74. Following the transaction, the director owned 23,264 shares of the company’s stock, valued at approximately $8,871,493.76. This represents a 6.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $391.00, for a total value of $782,000.00. Following the completion of the transaction, the vice president owned 126,586 shares in the company, valued at $49,495,126. The trade was a 1.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 157,057 shares of company stock worth $60,272,277 over the last ninety days. 0.49% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of research reports. KeyCorp increased their price target on shares of Cadence Design Systems from $405.00 to $425.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $400.00 to $425.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Needham & Company LLC restated a “buy” rating and set a $400.00 price target on shares of Cadence Design Systems in a research note on Tuesday, April 28th. Berenberg Bank set a $440.00 price target on Cadence Design Systems in a report on Wednesday, May 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Cadence Design Systems in a research report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $393.65.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.