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

Sompo Asset Management Co. Ltd. cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,060 shares of the software maker’s stock after selling 1,640 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Cadence Design Systems were worth $1,249,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Empowered Funds LLC lifted 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 acquiring an additional 6,346 shares during the last quarter. Norden Group LLC raised its stake in shares of 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 in the last quarter. Pinebridge Investments L.P. boosted its position in Cadence Design Systems by 37.5% during the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock worth $5,258,000 after purchasing an additional 5,269 shares during the period. Nomura Asset Management Co. Ltd. raised its position in shares of 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 during the period. Finally, BNP Paribas Financial Markets lifted its stake 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 worth $396,470,000 after buying an additional 468,195 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent analyst reports. KeyCorp lifted 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. Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Robert W. Baird dropped their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $273.76 on Friday. The stock has a market capitalization of $74.58 billion, a price-to-earnings ratio of 71.29, a P/E/G ratio of 3.19 and a beta of 1.02. The firm’s 50-day moving average price is $269.55 and its two-hundred day moving average price is $290.48. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 1-year low of $227.05 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its 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 during the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. 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 earnings per share. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Activity

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the firm’s 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 in the company, valued at approximately $29,179,582.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the transaction, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at $5,933,420. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Insiders have sold 38,272 shares of company stock worth $10,833,362 in the last 90 days. Corporate insiders own 1.99% of the company’s stock.

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.