Quantbot Technologies LP Buys New Stake in Cadence Design Systems, Inc. $CDNS

by · The Cerbat Gem

Quantbot Technologies LP purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 7,891 shares of the software maker’s stock, valued at approximately $2,432,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Cadence Design Systems by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 26,595,861 shares of the software maker’s stock worth $8,195,515,000 after purchasing an additional 256,719 shares in the last quarter. Jennison Associates LLC raised its stake in Cadence Design Systems by 3.0% in the second quarter. Jennison Associates LLC now owns 9,338,102 shares of the software maker’s stock valued at $2,877,536,000 after buying an additional 273,149 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Cadence Design Systems by 1.2% in the second quarter. Geode Capital Management LLC now owns 6,363,734 shares of the software maker’s stock worth $1,952,771,000 after acquiring an additional 77,478 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Cadence Design Systems by 7.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,729,026 shares of the software maker’s stock worth $1,202,733,000 after acquiring an additional 312,757 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Cadence Design Systems during the second quarter worth about $1,190,618,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on CDNS shares. 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. Needham & Company LLC reissued a “buy” rating and set a $390.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. Wall Street Zen downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Wolfe Research reaffirmed an “outperform” rating and set a $385.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Finally, Wells Fargo & Company lifted their price objective on shares of 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 investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $379.11.

Get Our Latest Stock Report on Cadence Design Systems

Insider Activity

In other news, CFO John M. Wall sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $349.16, for a total transaction of $2,618,700.00. Following the sale, the chief financial officer directly owned 70,715 shares in the company, valued at $24,690,849.40. This trade represents a 9.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 5,550 shares of Cadence Design Systems stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $327.80, for a total value of $1,819,290.00. Following the completion of the transaction, the chief executive officer owned 195,844 shares of the company’s stock, valued at approximately $64,197,663.20. This represents a 2.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,230 shares of company stock worth $5,499,372 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 0.1%

Shares of CDNS stock opened at $337.53 on Friday. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $376.45. The stock has a market cap of $91.88 billion, a P/E ratio of 86.99, a P/E/G ratio of 4.34 and a beta of 1.05. The stock has a 50 day moving average of $328.46 and a 200 day moving average of $329.71. 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 (NASDAQ:CDNS – Get Free Report) last released its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, topping the consensus estimate of $1.79 by $0.14. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm 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. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

About Cadence Design Systems

(Free Report)

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.

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