Legal & General Group Plc Has $595.22 Million Stake in Cadence Design Systems, Inc. $CDNS

Legal & General Group Plc lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.9% in the second quarter, HoldingsChannel.com reports. The firm owned 1,931,599 shares of the software maker’s stock after selling 17,204 shares during the quarter. Legal & General Group Plc’s holdings in Cadence Design Systems were worth $595,222,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of CDNS. Mirae Asset Global Investments Co. Ltd. increased its stake in Cadence Design Systems by 10.9% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,994 shares of the software maker’s stock valued at $44,064,000 after purchasing an additional 14,022 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Cadence Design Systems by 4.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,779,848 shares of the software maker’s stock valued at $452,669,000 after buying an additional 73,719 shares during the period. EFG Asset Management North America Corp. bought a new stake in shares of Cadence Design Systems in the 2nd quarter valued at $4,073,000. Nuveen LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter valued at $289,744,000. Finally, Lyell Wealth Management LP raised its stake in Cadence Design Systems by 4.9% during the 2nd quarter. Lyell Wealth Management LP now owns 50,339 shares of the software maker’s stock worth $15,512,000 after buying an additional 2,357 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 0.5%

Cadence Design Systems stock opened at $300.58 on Friday. 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. The company has a fifty day simple moving average of $336.71 and a 200 day simple moving average of $329.48. The company has a market cap of $81.82 billion, a P/E ratio of 77.47, a price-to-earnings-growth ratio of 4.55 and a beta of 1.00.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data 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 company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the prior 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. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CDNS shares. Piper Sandler reissued a “neutral” rating and issued a $355.00 target price (up from $328.00) on shares of Cadence Design Systems in a research note on Tuesday, July 29th. Wall Street Zen cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. BNP Paribas initiated coverage on shares of Cadence Design Systems in a report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 target price on the stock. BNP Paribas Exane began coverage on shares of Cadence Design Systems in a research note on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price target on the stock. Finally, Loop Capital increased their price objective on shares of Cadence Design Systems from $370.00 to $390.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Fourteen investment 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 MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $376.00.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 5,550 shares of the business’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $327.80, for a total transaction of $1,819,290.00. Following the transaction, the chief executive officer directly owned 195,844 shares in the company, valued at approximately $64,197,663.20. The trade was a 2.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total transaction of $60,211.80. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 16,230 shares of company stock worth $5,530,682. 1.99% of the stock is currently owned by company insiders.

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.