Bank of New York Mellon Corp Sells 106,177 Shares of Cadence Design Systems, Inc. $CDNS

Bank of New York Mellon Corp reduced its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,777,047 shares of the software maker’s stock after selling 106,177 shares during the quarter. Bank of New York Mellon Corp’s holdings in Cadence Design Systems were worth $547,597,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Costello Asset Management INC bought a new stake in Cadence Design Systems in the 1st quarter valued at $25,000. Saudi Central Bank bought a new stake in Cadence Design Systems in the 1st quarter valued at $27,000. Barrett & Company Inc. bought a new stake in Cadence Design Systems in the 2nd quarter valued at $31,000. E Fund Management Hong Kong Co. Ltd. lifted its position in Cadence Design Systems by 41.1% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 127 shares of the software maker’s stock valued at $39,000 after acquiring an additional 37 shares in the last quarter. Finally, Princeton Global Asset Management LLC bought a new stake in Cadence Design Systems during the 2nd quarter worth about $40,000. 84.85% of the stock is owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $334.51, for a total value of $60,211.80. Following the transaction, the director owned 7,830 shares in the company, valued at approximately $2,619,213.30. This represents a 2.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 7,500 shares of the company’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $349.16, for a total transaction of $2,618,700.00. Following the completion of the transaction, the chief financial officer owned 70,715 shares in the company, valued at approximately $24,690,849.40. This trade represents a 9.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 9,680 shares of company stock worth $3,371,132. Insiders own 1.99% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several analyst reports. Berenberg Bank set a $400.00 price target on shares of Cadence Design Systems in a research report on Wednesday, July 30th. Stifel Nicolaus boosted their price target on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Oppenheimer boosted their price target on shares of Cadence Design Systems from $200.00 to $225.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 28th. JPMorgan Chase & Co. boosted their price target on shares of Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $355.00 target price (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday, July 29th. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $376.00.

Cadence Design Systems Stock Down 1.0%

Shares of CDNS opened at $335.41 on Tuesday. 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 $91.30 billion, a P/E ratio of 86.45, a price-to-earnings-growth ratio of 4.55 and a beta of 0.99. The firm’s 50-day simple moving average is $346.06 and its 200 day simple moving average is $326.95. 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 (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.14. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the business earned $1.64 EPS. Cadence Design Systems’s quarterly revenue was up 10.1% on a year-over-year basis. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS. Q4 2025 guidance at 1.880-1.940 EPS. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current 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.