Sumitomo Mitsui DS Asset Management Company Ltd Buys 281 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,810 shares of the software maker’s stock after acquiring an additional 281 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Cadence Design Systems were worth $6,758,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Highview Capital Management LLC DE grew its stake in shares of Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after acquiring an additional 39 shares during the period. BSW Wealth Partners boosted its stake in Cadence Design Systems by 2.8% in the 4th quarter. BSW Wealth Partners now owns 1,624 shares of the software maker’s stock worth $442,000 after purchasing an additional 44 shares during the period. Lindbrook Capital LLC boosted its stake in Cadence Design Systems by 2.5% in the 3rd quarter. Lindbrook Capital LLC now owns 1,844 shares of the software maker’s stock worth $432,000 after purchasing an additional 45 shares during the period. Savant Capital LLC boosted its stake in Cadence Design Systems by 2.7% in the 3rd quarter. Savant Capital LLC now owns 1,733 shares of the software maker’s stock worth $406,000 after purchasing an additional 45 shares during the period. Finally, Advisors Asset Management Inc. boosted its stake in Cadence Design Systems by 9.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 545 shares of the software maker’s stock worth $128,000 after purchasing an additional 45 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now owns 50,183 shares in the company, valued at $15,498,015.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the transaction, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Insiders have sold a total of 177,544 shares of company stock worth $53,581,207 over the last quarter. Company insiders own 0.62% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of a number of research reports. Piper Sandler initiated coverage on Cadence Design Systems in a research report on Thursday, April 4th. They set a “neutral” rating and a $334.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Friday. Wells Fargo & Company increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Stifel Nicolaus increased their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Monday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $318.10.

Cadence Design Systems Stock Performance

CDNS stock opened at $280.25 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The business’s fifty day simple moving average is $305.52 and its two-hundred day simple moving average is $280.37. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36. The firm has a market cap of $76.30 billion, a price-to-earnings ratio of 73.36, a PEG ratio of 3.41 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the firm posted $0.75 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. Analysts predict that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current year.

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.