Cadence Design Systems, Inc. $CDNS Stock: Maryland State Retirement & Pension System Boosts Position

Maryland State Retirement & Pension System grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 14.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,011 shares of the software maker’s stock after buying an additional 2,195 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Cadence Design Systems were worth $5,617,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CDNS. Van ECK Associates Corp raised its holdings in Cadence Design Systems by 21.8% in the second quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock valued at $1,835,227,000 after acquiring an additional 874,392 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Cadence Design Systems by 1.5% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock worth $1,270,704,000 after purchasing an additional 48,937 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Cadence Design Systems by 1,097.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock worth $930,522,000 after purchasing an additional 2,582,812 shares during the last quarter. Pictet Asset Management Holding SA increased its position in shares of Cadence Design Systems by 118.5% in the 3rd quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker’s stock worth $908,709,000 after purchasing an additional 1,493,024 shares during the last quarter. Finally, Amundi raised its stake in shares of Cadence Design Systems by 3.8% in the 1st quarter. Amundi now owns 2,060,334 shares of the software maker’s stock valued at $572,488,000 after purchasing an additional 75,492 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other news, Director Lewis Chew sold 375 shares of the stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $331.43, for a total value of $124,286.25. Following the completion of the sale, the director directly owned 8,756 shares of the company’s stock, valued at $2,902,001.08. This represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Scannell sold 2,401 shares of the stock in a transaction on Monday, November 9th. The stock was sold at an average price of $339.00, for a total value of $813,939.00. Following the sale, the vice president owned 27,763 shares of the company’s stock, valued at approximately $9,411,657. This represents a 7.96% 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. In the last ninety days, insiders sold 11,736 shares of company stock valued at $3,772,365. Corporate insiders own 0.49% of the company’s stock.

Latest Cadence Design Systems News

These are some of the CDNS news items that stood out recently:

• Positive Sentiment: Cadence’s new Edge AI subsystem and OrCAD Xplore launch highlight continued product development and may support demand for its design tools. Edge AI subsystem article OrCAD Xplore article
• Neutral Sentiment: Options-market implied volatility has risen, signaling greater expectations of price movement but not indicating whether traders anticipate gains or losses. Options volatility article
• Negative Sentiment: One commentary warns CDNS could be overvalued despite the AI design-platform news, raising the risk that positive product developments are already reflected in the stock’s valuation. Valuation commentary

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $333.32 on Friday. Cadence Design Systems, Inc. has a 52 week low of $262.75 and a 52 week high of $416.69. The company has a current ratio of 1.36, a quick ratio of 1.18 and a debt-to-equity ratio of 0.29. The stock has a market cap of $91.46 billion, a price-to-earnings ratio of 66.27, a price-to-earnings-growth ratio of 3.12 and a beta of 1.10. The company has a 50-day moving average price of $320.47 and a two-hundred day moving average price of $327.74.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, beating the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter last year, the company earned $1.93 EPS. Cadence Design Systems’s quarterly revenue was up 22.0% on a year-over-year basis. Analysts forecast that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CDNS shares. FBN Securities assumed coverage on shares of Cadence Design Systems in a research report on Friday, September 11th. They set an “outperform” rating and a $375.00 price target on the stock. Robert W. Baird boosted their price objective on Cadence Design Systems from $420.00 to $440.00 and gave the company an “outperform” rating in a report on Tuesday, October 27th. Benchmark restated a “buy” rating on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Piper Sandler increased their target price on Cadence Design Systems from $325.00 to $349.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Finally, Needham & Company LLC boosted their price target on Cadence Design Systems from $400.00 to $430.00 and gave the company a “buy” rating in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $410.05.

About Cadence Design Systems

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.