Evermay Wealth Management LLC Increases Position in Cadence Design Systems, Inc. $CDNS

Evermay Wealth Management LLC grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.9% in the second quarter, Holdings Channel.com reports. The institutional investor owned 528 shares of the software maker’s stock after acquiring an additional 84 shares during the quarter. Evermay Wealth Management LLC’s holdings in Cadence Design Systems were worth $163,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CDNS. Nuveen LLC purchased a new stake in shares of Cadence Design Systems in the first quarter valued at about $289,744,000. Jennison Associates LLC raised its holdings in Cadence Design Systems by 13.2% during the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock worth $2,305,489,000 after purchasing an additional 1,054,702 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Cadence Design Systems by 466.4% during the second quarter. Assenagon Asset Management S.A. now owns 786,849 shares of the software maker’s stock worth $242,468,000 after purchasing an additional 647,931 shares in the last quarter. Vanguard Group Inc. raised its holdings in Cadence Design Systems by 1.7% during the first quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock worth $6,698,834,000 after purchasing an additional 429,955 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in 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 purchasing an additional 312,757 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CDNS. Loop Capital increased their price target on shares of Cadence Design Systems from $370.00 to $390.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. Piper Sandler reissued a “neutral” rating and set a $355.00 price target (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. Stifel Nicolaus increased their price target on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. Mizuho increased their price target on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an “outperform” rating in a report on Tuesday, July 29th. Finally, Berenberg Bank set a $400.00 target price on shares of Cadence Design Systems in a report on Wednesday, July 30th. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $368.53.

Insider Activity

In other news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $348.27, for a total value of $348,270.00. Following the sale, the vice president directly owned 99,672 shares in the company, valued at $34,712,767.44. This represents a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $334.51, for a total transaction of $60,211.80. Following the completion of the sale, the director owned 7,830 shares in the company, valued at $2,619,213.30. This represents a 2.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,680 shares of company stock worth $3,729,852 over the last ninety days. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Trading Up 1.1%

Shares of Cadence Design Systems stock opened at $329.64 on Tuesday. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The company has a current ratio of 2.82, a quick ratio of 2.67 and a debt-to-equity ratio of 0.49. The stock has a market cap of $89.82 billion, a PE ratio of 89.09, a price-to-earnings-growth ratio of 4.28 and a beta of 0.99. The company has a 50-day moving average of $348.10 and a two-hundred day moving average of $320.42.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.09. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company posted $1.28 earnings per share. Cadence Design Systems has set its Q3 2025 guidance at 1.750-1.810 EPS. FY 2025 guidance at 6.850-6.950 EPS. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

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.