King Luther Capital Management Corp Sells 6,119 Shares of Cadence Design Systems, Inc. $CDNS

King Luther Capital Management Corp lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 119,448 shares of the software maker’s stock after selling 6,119 shares during the quarter. King Luther Capital Management Corp’s holdings in Cadence Design Systems were worth $36,808,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of CDNS. Costello Asset Management INC bought a new position in Cadence Design Systems during the first quarter worth about $25,000. Saudi Central Bank acquired a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $27,000. Barrett & Company Inc. bought a new position in shares of Cadence Design Systems during the 2nd quarter worth approximately $31,000. E Fund Management Hong Kong Co. Ltd. increased its holdings in shares of Cadence Design Systems by 41.1% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock worth $39,000 after acquiring an additional 37 shares during the last quarter. Finally, Princeton Global Asset Management LLC bought a new stake in Cadence Design Systems in the 2nd quarter valued at $40,000. 84.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of research analyst reports. Wolfe Research reaffirmed an “outperform” rating and set a $385.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Oppenheimer lifted their target price on shares of Cadence Design Systems from $200.00 to $225.00 and gave the stock an “underperform” rating in a report on Tuesday, October 28th. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research note on Tuesday, October 28th. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Finally, Needham & Company LLC restated a “buy” rating and set a $390.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $376.00.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $340.26, for a total transaction of $340,260.00. Following the sale, the vice president directly owned 98,067 shares in the company, valued at $33,368,277.42. This trade represents a 1.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 5,550 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $327.80, for a total value of $1,819,290.00. Following the transaction, the chief executive officer owned 195,844 shares of the company’s stock, valued at $64,197,663.20. This trade represents a 2.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 16,230 shares of company stock worth $5,530,682. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

CDNS opened at $325.05 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.67 and a current ratio of 3.05. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The firm has a market cap of $88.48 billion, a P/E ratio of 83.78, a price-to-earnings-growth ratio of 4.55 and a beta of 1.00. The business’s fifty day moving average is $344.35 and its 200-day moving average is $328.44.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the company 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 expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal 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.