Sumitomo Mitsui DS Asset Management Company Ltd Acquires 1,939 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 28,138 shares of the software maker’s stock after buying an additional 1,939 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Cadence Design Systems were worth $8,659,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Gilbert & Cook Inc. grew its stake in shares of Cadence Design Systems by 8.3% in the 4th quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock valued at $986,000 after buying an additional 278 shares during the period. Kestra Private Wealth Services LLC grew its position in Cadence Design Systems by 29.8% in the 4th quarter. Kestra Private Wealth Services LLC now owns 11,867 shares of the software maker’s stock valued at $3,232,000 after purchasing an additional 2,721 shares during the period. Norden Group LLC acquired a new position in Cadence Design Systems during the fourth quarter worth $206,000. Certuity LLC bought a new position in shares of Cadence Design Systems in the fourth quarter valued at $667,000. Finally, Mission Wealth Management LP grew its holdings in shares of Cadence Design Systems by 1.4% during the fourth quarter. Mission Wealth Management LP now owns 6,588 shares of the software maker’s stock valued at $1,794,000 after buying an additional 91 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 1.2 %

CDNS opened at $268.93 on Friday. The company has a 50 day moving average of $284.47 and a 200 day moving average of $294.25. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 12 month low of $227.05 and a 12 month high of $328.99. The company has a market cap of $73.26 billion, a PE ratio of 70.03, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.94 EPS. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.74 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on CDNS. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Robert W. Baird cut their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. KeyCorp increased their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Finally, Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Chin-Chi Teng sold 32,184 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,397 shares of company stock valued at $20,464,944. Company insiders own 1.99% of the company’s stock.

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.