Meiji Yasuda Asset Management Co Ltd. Increases Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Meiji Yasuda Asset Management Co Ltd. boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. 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 purchasing an additional 6,346 shares in the last quarter. Norden Group LLC raised its stake in Cadence Design Systems by 1,659.3% in the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after purchasing an additional 12,544 shares in the last quarter. Pinebridge Investments L.P. raised its stake in Cadence Design Systems by 37.5% in the fourth 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 in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in Cadence Design Systems by 3.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after purchasing an additional 3,899 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research reports. Robert W. Baird decreased their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems 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 price target on the stock in a research note on Tuesday, August 6th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, July 15th. The shares were 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 in the company, valued at approximately $14,643,548.07. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction dated 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 directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The disclosure for this sale can be found here. Insiders have sold a total of 38,272 shares of company stock worth $10,833,362 over the last quarter. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Up 4.0 %

Shares of NASDAQ 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. Cadence Design Systems, Inc. has a 52 week low of $227.05 and a 52 week high of $328.99. The firm’s fifty day moving average is $270.39 and its 200 day moving average is $290.78. The company 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 (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.94 earnings per share. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 4.73 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.