Sompo Asset Management Co. Ltd. Has $1.25 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sompo Asset Management Co. Ltd. trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.8% during the second quarter, Holdings Channel reports. The firm owned 4,060 shares of the software maker’s stock after selling 1,640 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Cadence Design Systems were worth $1,249,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of CDNS. Empowered Funds LLC raised its stake in Cadence Design Systems by 223.8% in the first quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after buying an additional 6,346 shares during the period. Norden Group LLC raised its stake in Cadence Design Systems by 1,659.3% in the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after acquiring an additional 12,544 shares during the period. Pinebridge Investments L.P. lifted its holdings in Cadence Design Systems by 37.5% during the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after purchasing an additional 5,269 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Cadence Design Systems by 3.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock worth $30,435,000 after purchasing an additional 3,899 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after purchasing an additional 468,195 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Down 2.4 %

Shares of CDNS stock opened at $273.76 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a fifty-two week low of $227.05 and a fifty-two week high of $328.99. The company has a market cap of $74.58 billion, a PE ratio of 71.29, a P/E/G ratio of 3.19 and a beta of 1.02. The stock’s fifty day moving average price is $269.55 and its two-hundred day moving average price is $290.48.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share 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 the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the company posted $0.94 EPS. Equities analysts predict that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the sale, the senior vice president now owns 19,280 shares in the company, valued at approximately $5,933,420. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the transaction, the senior vice president now directly owns 19,280 shares in the company, valued at approximately $5,933,420. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,272 shares of company stock worth $10,833,362. Corporate insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on CDNS. Robert W. Baird cut their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Bank of America lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Finally, KeyCorp raised their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $334.56.

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.