Daiwa Securities Group Inc. Cuts Position in Cadence Design Systems, Inc. $CDNS

Daiwa Securities Group Inc. reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 125,731 shares of the software maker’s stock after selling 1,558 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Cadence Design Systems were worth $38,744,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Westerkirk Capital Inc. purchased a new position in Cadence Design Systems in the 2nd quarter worth approximately $2,024,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Cadence Design Systems by 10.9% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 142,994 shares of the software maker’s stock worth $44,064,000 after purchasing an additional 14,022 shares in the last quarter. EFG Asset Management North America Corp. acquired a new position in shares of Cadence Design Systems during the second quarter worth $4,073,000. Nuveen LLC purchased a new position in shares of Cadence Design Systems in the first quarter valued at $289,744,000. Finally, Lyell Wealth Management LP grew its holdings 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 valued at $15,512,000 after purchasing an additional 2,357 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CDNS shares. Citigroup started coverage on shares of Cadence Design Systems in a research report on Monday, November 24th. They issued a “buy” rating and a $385.00 price objective for the company. JPMorgan Chase & Co. boosted their price target on Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. BNP Paribas Exane initiated coverage on Cadence Design Systems in a research note on Thursday, October 2nd. They set an “outperform” rating and a $400.00 price objective for the company. Wall Street Zen lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Finally, Wells Fargo & Company increased their target price on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Fifteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $379.11.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $334.51, for a total value of $60,211.80. Following the transaction, the director owned 7,830 shares of the company’s stock, valued at $2,619,213.30. This trade represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $312.64, for a total value of $312,640.00. Following the completion of the transaction, the vice president owned 97,067 shares of the company’s stock, valued at approximately $30,347,026.88. The trade was a 1.02% 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 valued at $5,499,372. Corporate insiders own 0.37% of the company’s stock.

Cadence Design Systems Trading Down 0.1%

NASDAQ:CDNS opened at $337.29 on Tuesday. The company has a market cap of $91.81 billion, a PE ratio of 86.93, a P/E/G ratio of 4.34 and a beta of 1.05. The business’s 50 day moving average is $328.23 and its two-hundred day moving average is $330.00. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week 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 for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the business earned $1.64 EPS. The business’s quarterly revenue was up 10.1% on a year-over-year basis. 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. On average, analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems Company Profile

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.