Cadence Design Systems, Inc. $CDNS Stock Holdings Lifted by Patton Fund Management Inc.

by · The Markets Daily

Patton Fund Management Inc. increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) by 1,743.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,994 shares of the software maker’s stock after acquiring an additional 13,235 shares during the quarter. Cadence Design Systems accounts for about 0.9% of Patton Fund Management Inc.’s holdings, making the stock its 16th largest position. Patton Fund Management Inc.’s holdings in Cadence Design Systems were worth $4,916,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. HBK Sorce Advisory LLC raised its stake in Cadence Design Systems by 33.4% during the 3rd quarter. HBK Sorce Advisory LLC now owns 1,489 shares of the software maker’s stock valued at $521,000 after purchasing an additional 373 shares during the period. Legacy Wealth Asset Management LLC purchased a new position in shares of Cadence Design Systems during the third quarter valued at $1,162,000. PFW Advisors LLC acquired a new position in Cadence Design Systems during the third quarter valued at $210,000. Brighton Jones LLC lifted its stake in Cadence Design Systems by 8.7% in the 3rd quarter. Brighton Jones LLC now owns 2,979 shares of the software maker’s stock worth $1,046,000 after acquiring an additional 238 shares in the last quarter. Finally, First Bank & Trust boosted its position in Cadence Design Systems by 1.9% during the 3rd quarter. First Bank & Trust now owns 2,811 shares of the software maker’s stock worth $987,000 after acquiring an additional 52 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling

In related news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total value of $60,746.40. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John M. Wall sold 27,805 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total value of $8,857,838.85. Following the transaction, the chief financial officer owned 69,957 shares in the company, valued at approximately $22,286,201.49. This trade represents a 28.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 69,525 shares of company stock valued at $23,021,216. 0.37% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Performance

CDNS stock opened at $317.57 on Tuesday. The firm has a 50 day moving average of $323.75 and a two-hundred day moving average of $331.70. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45. The company has a market capitalization of $86.44 billion, a price-to-earnings ratio of 81.85, a P/E/G ratio of 4.05 and a beta of 1.05. 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 (NASDAQ:CDNS – Get Free Report) last released its quarterly earnings data 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. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. Cadence Design Systems’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $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, equities analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Citigroup assumed coverage on Cadence Design Systems in a report on Monday, November 24th. They issued a “buy” rating and a $385.00 target price on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cadence Design Systems in a research report on Monday, December 15th. BNP Paribas started coverage on shares of Cadence Design Systems in a report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 price target on the stock. BNP Paribas Exane started coverage on shares of Cadence Design Systems in a research note on Thursday, October 2nd. They issued an “outperform” rating and a $400.00 price target on the stock. Finally, Wall Street Zen lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Fifteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $379.11.

Read Our Latest Analysis on Cadence Design Systems

Cadence Design Systems Company Profile

(Free Report)

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.

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