Veracity Capital LLC Takes Position in Cadence Design Systems, Inc. $CDNS

Veracity Capital LLC acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 3rd quarter, HoldingsChannel reports. The fund acquired 1,825 shares of the software maker’s stock, valued at approximately $641,000.

Several other institutional investors have also added to or reduced their stakes in the business. Barrett & Company Inc. purchased a new position in shares of Cadence Design Systems in the second quarter worth about $31,000. Strategic Wealth Investment Group LLC bought a new position in Cadence Design Systems in the 2nd quarter worth approximately $32,000. Saudi Central Bank purchased a new position in Cadence Design Systems in the 1st quarter valued at approximately $27,000. Promus Capital LLC bought a new stake in Cadence Design Systems during the 2nd quarter valued at $33,000. Finally, Heartwood Wealth Advisors LLC bought a new stake in Cadence Design Systems during the 3rd quarter valued at $39,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Wall Street Zen lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $390.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cadence Design Systems in a report on Monday. KeyCorp reaffirmed an “overweight” rating and set a $405.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Finally, Robert W. Baird increased their target price on shares of Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Fifteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $379.11.

Cadence Design Systems Stock Down 2.0%

Shares of NASDAQ CDNS opened at $313.02 on Thursday. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. The business has a 50-day moving average of $324.95 and a 200-day moving average of $330.99. The firm has a market capitalization of $85.20 billion, a price-to-earnings ratio of 80.68, a PEG ratio of 4.11 and a beta of 1.05. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results 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 revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.64 earnings per share. 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. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, CFO John M. Wall sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $349.16, for a total transaction of $2,618,700.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 20,000 shares of Cadence Design Systems stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $340.00, for a total value of $6,800,000.00. Following the sale, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at approximately $66,586,960. This trade represents a 9.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 41,720 shares of company stock valued at $14,163,377 over the last quarter. Insiders own 1.99% of the company’s stock.

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.