State Street Corp Acquires 172,551 Shares of Cadence Design Systems, Inc. $CDNS

State Street Corp grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,318,585 shares of the software maker’s stock after purchasing an additional 172,551 shares during the quarter. State Street Corp’s holdings in Cadence Design Systems were worth $3,795,972,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Certuity LLC increased its holdings in Cadence Design Systems by 41.9% during the second quarter. Certuity LLC now owns 1,428 shares of the software maker’s stock valued at $440,000 after buying an additional 422 shares during the period. Bain Capital Public Equity Management II LLC bought a new stake in Cadence Design Systems during the 2nd quarter valued at $130,534,000. SVB Wealth LLC purchased a new position in shares of Cadence Design Systems in the 2nd quarter valued at $1,361,000. L2 Asset Management LLC raised its position in shares of Cadence Design Systems by 6.0% in the 2nd quarter. L2 Asset Management LLC now owns 1,226 shares of the software maker’s stock worth $378,000 after acquiring an additional 69 shares in the last quarter. Finally, Vega Investment Solutions lifted its stake in shares of Cadence Design Systems by 13.6% during the 2nd quarter. Vega Investment Solutions now owns 3,867 shares of the software maker’s stock worth $1,192,000 after purchasing an additional 463 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. BNP Paribas started coverage on shares of Cadence Design Systems in a report on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 target price for the company. Wall Street Zen lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Oppenheimer upgraded shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 target price for the company in a research note on Monday, December 1st. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Finally, KeyCorp reiterated an “overweight” rating and set a $405.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. Fifteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $379.11.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 20,000 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $340.00, for a total value of $6,800,000.00. Following the completion of the transaction, the chief executive officer directly owned 195,844 shares in the company, valued at $66,586,960. This trade represents a 9.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO John M. Wall sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $349.16, for a total value of $2,618,700.00. Following the completion of the sale, the chief financial officer owned 70,715 shares in the company, valued at approximately $24,690,849.40. This represents a 9.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 36,050 shares of company stock worth $12,239,160 over the last three months. 0.37% of the stock is currently owned by insiders.

Cadence Design Systems Trading Down 0.7%

NASDAQ:CDNS opened at $335.07 on Wednesday. The company has a market capitalization of $91.21 billion, a P/E ratio of 86.36, a PEG ratio of 4.34 and a beta of 1.05. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45. The firm has a fifty day simple moving average of $327.91 and a 200-day simple moving average of $330.14.

Cadence Design Systems (NASDAQ:CDNS) last released its 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 the consensus estimate of $1.32 billion. During the same period in the prior year, the firm earned $1.64 EPS. The firm’s 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, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share 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.