Nomura Asset Management Co. Ltd. Boosts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Nomura Asset Management Co. Ltd. boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 18.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 334,941 shares of the software maker’s stock after purchasing an additional 51,073 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Cadence Design Systems were worth $90,779,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CDNS. MML Investors Services LLC boosted its stake in shares of Cadence Design Systems by 1.5% during the 3rd quarter. MML Investors Services LLC now owns 73,978 shares of the software maker’s stock valued at $20,050,000 after purchasing an additional 1,079 shares in the last quarter. Headinvest LLC bought a new stake in Cadence Design Systems during the 3rd quarter valued at approximately $682,000. Orion Portfolio Solutions LLC grew its holdings in shares of Cadence Design Systems by 66.0% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 17,384 shares of the software maker’s stock worth $4,711,000 after acquiring an additional 6,910 shares during the period. World Investment Advisors LLC raised its position in shares of Cadence Design Systems by 12,213.4% in the 3rd quarter. World Investment Advisors LLC now owns 121,410 shares of the software maker’s stock worth $32,906,000 after acquiring an additional 120,424 shares in the last quarter. Finally, Zega Financial LLC purchased a new position in shares of Cadence Design Systems in the 3rd quarter valued at approximately $242,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the transaction, the director now directly owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. This trade represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total value of $177,736.00. Following the sale, the vice president now owns 61,761 shares of the company’s stock, valued at approximately $16,887,927.84. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,634 shares of company stock worth $1,584,080 over the last quarter. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 1.2 %

Cadence Design Systems stock opened at $307.51 on Monday. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The stock has a fifty day simple moving average of $285.75 and a two-hundred day simple moving average of $285.11. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a market cap of $84.34 billion, a price-to-earnings ratio of 80.71, a PEG ratio of 4.41 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the company earned $1.01 EPS. Equities analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CDNS shares. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Needham & Company LLC decreased their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Mizuho began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Finally, Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems 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.