Meritage Portfolio Management Has $10.37 Million Stake in Cadence Design Systems, Inc. $CDNS

Meritage Portfolio Management lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 20.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 29,533 shares of the software maker’s stock after selling 7,653 shares during the quarter. Meritage Portfolio Management’s holdings in Cadence Design Systems were worth $10,374,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in shares of Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after purchasing an additional 676 shares during the period. Integrated Wealth Concepts LLC lifted its position in Cadence Design Systems by 3.8% during the first quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker’s stock worth $560,000 after purchasing an additional 80 shares during the period. Parallel Advisors LLC lifted its position in Cadence Design Systems by 9.1% during the second quarter. Parallel Advisors LLC now owns 8,220 shares of the software maker’s stock worth $2,533,000 after purchasing an additional 686 shares during the period. Czech National Bank grew its stake in Cadence Design Systems by 5.9% during the second quarter. Czech National Bank now owns 66,741 shares of the software maker’s stock worth $20,566,000 after buying an additional 3,747 shares in the last quarter. Finally, Fiduciary Alliance LLC increased its holdings in Cadence Design Systems by 73.5% in the 2nd quarter. Fiduciary Alliance LLC now owns 1,921 shares of the software maker’s stock valued at $592,000 after buying an additional 814 shares during the period. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CDNS. Wall Street Zen downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. KeyCorp restated an “overweight” rating and set a $405.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Needham & Company LLC restated a “buy” rating and set a $390.00 target price on shares of Cadence Design Systems in a research note on Monday, December 22nd. Oppenheimer upgraded Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target on the stock in a research note on Monday, December 1st. Finally, Wolfe Research reissued an “outperform” rating and set a $385.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 28th. Fourteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $380.72.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $313.17 on Thursday. The firm’s fifty day moving average price is $317.80 and its two-hundred day moving average price is $333.43. The stock has a market cap of $85.24 billion, a PE ratio of 80.71, a PEG ratio of 3.61 and a beta of 1.02. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.14. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.Cadence Design Systems’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the business posted $1.64 EPS. 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 analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total transaction of $60,746.40. Following the sale, the director directly owned 7,650 shares in the company, valued at approximately $2,581,722. The trade was a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were 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 of the company’s stock, valued at $66,586,960. This represents a 9.27% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 62,025 shares of company stock valued at $20,369,946. 1.99% of the stock is currently owned by company insiders.

About Cadence Design Systems

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.