Cadence Design Systems, Inc. $CDNS Shares Purchased by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 265,279 shares of the software maker’s stock after purchasing an additional 3,590 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Cadence Design Systems were worth $81,746,000 at the end of the most recent quarter.

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

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,550 shares of the stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $327.80, for a total value of $1,819,290.00. Following the sale, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at approximately $64,197,663.20. This represents a 2.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $60,211.80. Following the completion of the sale, the director directly owned 7,830 shares in the company, valued at $2,619,213.30. This trade represents a 2.25% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 16,230 shares of company stock worth $5,530,682. Corporate insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of Cadence Design Systems in a research report on Tuesday. Wells Fargo & Company upped their price target on Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Wolfe Research reiterated an “outperform” rating and issued a $385.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Oppenheimer upped their price objective on shares of Cadence Design Systems from $200.00 to $225.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 28th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $390.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Fifteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $376.47.

Cadence Design Systems Trading Up 0.9%

Shares of Cadence Design Systems stock opened at $306.35 on Friday. The company has a 50-day moving average of $332.87 and a two-hundred day moving average of $329.43. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The company has a current ratio of 3.05, a quick ratio of 2.67 and a debt-to-equity ratio of 0.48. The stock has a market cap of $83.39 billion, a PE ratio of 78.96, a price-to-earnings-growth ratio of 4.55 and a beta of 1.00.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.14. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.Cadence Design Systems’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the business posted $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. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal 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.