Manning & Napier Advisors LLC Sells 16,970 Shares of Cadence Design Systems, Inc. $CDNS

Manning & Napier Advisors LLC lessened its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.3% in the third quarter, Holdings Channel reports. The firm owned 719,318 shares of the software maker’s stock after selling 16,970 shares during the quarter. Cadence Design Systems accounts for about 3.2% of Manning & Napier Advisors LLC’s investment portfolio, making the stock its 5th largest position. Manning & Napier Advisors LLC’s holdings in Cadence Design Systems were worth $252,668,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of CDNS. Barrett & Company Inc. bought a new stake in shares of Cadence Design Systems during the 2nd quarter worth approximately $31,000. Strategic Wealth Investment Group LLC bought a new stake in Cadence Design Systems during the second quarter worth $32,000. Promus Capital LLC bought a new stake in Cadence Design Systems during the second quarter worth $33,000. Robbins Farley acquired a new stake in shares of Cadence Design Systems in the 3rd quarter valued at $35,000. Finally, E Fund Management Hong Kong Co. Ltd. increased its stake in shares of Cadence Design Systems by 41.1% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock valued at $39,000 after purchasing an additional 37 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Needham & Company LLC reissued a “buy” rating and issued a $390.00 price objective on shares of Cadence Design Systems in a research note on Monday, December 22nd. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Wall Street Zen lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Finally, Wolfe Research restated an “outperform” rating and issued a $385.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Fourteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $380.72.

Insider Buying and Selling

In related news, CFO John M. Wall sold 27,805 shares of the business’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $318.57, for a total value of $8,857,838.85. Following the completion of the sale, the chief financial officer directly owned 69,957 shares of the company’s stock, valued at $22,286,201.49. The trade was a 28.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Paul Scannell sold 5,490 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total value of $1,863,470.70. Following the sale, the vice president owned 20,321 shares of the company’s stock, valued at approximately $6,897,557.03. This represents a 21.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 62,025 shares of company stock worth $20,369,946 over the last 90 days. 0.37% of the stock is owned by company insiders.

Cadence Design Systems Stock Down 0.8%

Shares of Cadence Design Systems stock opened at $323.06 on Wednesday. The firm has a market cap of $87.94 billion, a price-to-earnings ratio of 83.26, a PEG ratio of 3.63 and a beta of 1.02. The stock’s 50-day moving average is $318.09 and its 200 day moving average is $333.58. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.14. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the firm earned $1.64 earnings per share. The company’s revenue was up 10.1% compared to the same quarter last year. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS and its Q4 2025 guidance at 1.880-1.940 EPS. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems Profile

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.