Cadence Design Systems, Inc. $CDNS Shares Sold by Sound View Wealth Advisors Group LLC

Sound View Wealth Advisors Group LLC trimmed its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,265 shares of the software maker’s stock after selling 167 shares during the period. Sound View Wealth Advisors Group LLC’s holdings in Cadence Design Systems were worth $390,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Campbell & CO Investment Adviser LLC purchased a new stake in Cadence Design Systems during the second quarter valued at about $3,019,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Cadence Design Systems by 3.1% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 702,146 shares of the software maker’s stock valued at $216,366,000 after buying an additional 21,040 shares during the period. Parkside Financial Bank & Trust raised its position in Cadence Design Systems by 7.3% during the second quarter. Parkside Financial Bank & Trust now owns 719 shares of the software maker’s stock valued at $222,000 after buying an additional 49 shares during the period. Freemont Management S.A. lifted its stake in Cadence Design Systems by 330.8% in the 2nd quarter. Freemont Management S.A. now owns 39,200 shares of the software maker’s stock worth $12,079,000 after acquiring an additional 30,100 shares in the last quarter. Finally, Prospera Financial Services Inc boosted its position in Cadence Design Systems by 85.6% during the 2nd quarter. Prospera Financial Services Inc now owns 1,791 shares of the software maker’s stock worth $552,000 after acquiring an additional 826 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 1.2%

Cadence Design Systems stock opened at $328.94 on Tuesday. The company has a current ratio of 3.05, a quick ratio of 2.67 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $376.45. The firm’s fifty day simple moving average is $343.92 and its 200-day simple moving average is $329.22. The company has a market capitalization of $89.54 billion, a P/E ratio of 84.78, a P/E/G ratio of 4.55 and a beta of 1.00.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results 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 firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.64 earnings per share. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS. Q4 2025 guidance at 1.880-1.940 EPS. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wolfe Research reissued an “outperform” rating and issued a $385.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Piper Sandler reiterated a “neutral” rating and issued a $355.00 price objective (up previously from $328.00) on shares of Cadence Design Systems in a research note on Tuesday, July 29th. BNP Paribas Exane initiated coverage on shares of Cadence Design Systems in a research note on Thursday, October 2nd. They set an “outperform” rating and a $400.00 target price for the company. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Finally, BNP Paribas assumed 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. Fourteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $376.00.

Insider Activity

In related news, CFO John M. Wall sold 7,500 shares of Cadence Design Systems stock in a transaction 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 transaction, the chief financial officer owned 70,715 shares in the company, valued at $24,690,849.40. This trade represents a 9.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $334.51, for a total transaction of $60,211.80. Following the transaction, the director directly owned 7,830 shares of the company’s stock, valued at approximately $2,619,213.30. This represents a 2.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 16,230 shares of company stock worth $5,530,682. 1.99% of the stock is owned by company insiders.

About Cadence Design Systems

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.