Meiji Yasuda Asset Management Co Ltd. Buys 208 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Meiji Yasuda Asset Management Co Ltd. grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 4,400 shares of the software maker’s stock after purchasing an additional 208 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Cadence Design Systems were worth $1,354,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Ulland Investment Advisors LLC bought a new stake in Cadence Design Systems in the first quarter worth $25,000. RiverPark Advisors LLC purchased a new position in shares of Cadence Design Systems in the first quarter worth $26,000. ORG Partners LLC raised its stake in shares of Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares during the last quarter. Annapolis Financial Services LLC purchased a new position in shares of Cadence Design Systems in the first quarter worth $32,000. Finally, Union Savings Bank purchased a new position in shares of Cadence Design Systems in the fourth quarter worth $33,000. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The disclosure for this sale can be found here. Insiders sold a total of 38,272 shares of company stock worth $10,833,362 over the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Bank of America upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $280.35 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The business has a 50-day simple moving average of $270.39 and a two-hundred day simple moving average of $290.78. The stock has a market cap of $76.37 billion, a price-to-earnings ratio of 73.01, a PEG ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 52 week low of $227.05 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 earnings per share. On average, analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

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.