Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) by 4.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,230 shares of the software maker's stock after buying an additional 834 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Cadence Design Systems were worth $2,885,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Cadence Design Systems by 6.0% in the first quarter. BlackRock Inc. now owns 33,427,221 shares of the software maker's stock valued at $5,497,441,000 after buying an additional 1,906,590 shares in the last quarter. Vanguard Group Inc. boosted its position in Cadence Design Systems by 1.3% during the first quarter. Vanguard Group Inc. now owns 31,767,905 shares of the software maker's stock worth $5,224,549,000 after purchasing an additional 394,861 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Cadence Design Systems by 1.5% during the first quarter. Massachusetts Financial Services Co. MA now owns 19,652,441 shares of the software maker's stock worth $3,232,042,000 after purchasing an additional 291,152 shares during the period. State Street Corp boosted its position in Cadence Design Systems by 2.4% during the fourth quarter. State Street Corp now owns 11,787,622 shares of the software maker's stock worth $2,196,623,000 after purchasing an additional 280,706 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Cadence Design Systems by 4.4% during the first quarter. The Manufacturers Life Insurance Company now owns 3,184,308 shares of the software maker's stock worth $523,691,000 after purchasing an additional 134,793 shares during the period. 84.02% of the stock is owned by institutional investors.
Get Cadence Design Systems alerts:Wall Street Analysts Forecast Growth
A number of research firms have commented on CDNS. Needham & Company LLC lifted their price objective on shares of Cadence Design Systems from $193.00 to $200.00 and gave the stock a "buy" rating in a research report on Tuesday, July 26th. Wolfe Research began coverage on shares of Cadence Design Systems in a research report on Tuesday, August 16th. They set an "outperform" rating and a $210.00 price objective for the company. Rosenblatt Securities lifted their price objective on shares of Cadence Design Systems from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Tuesday, July 26th. Stifel Nicolaus assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 7th. They set a "hold" rating and a $200.00 price objective for the company. Finally, Bank of America raised Cadence Design Systems from an "underperform" rating to a "neutral" rating and lifted their target price for the stock from $160.00 to $175.00 in a report on Wednesday, June 29th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $191.92.
Cadence Design Systems Stock Down 0.6 %
CDNS stock opened at $166.04 on Thursday. The company has a market cap of $45.47 billion, a PE ratio of 59.51, a price-to-earnings-growth ratio of 2.85 and a beta of 1.17. The business has a 50-day simple moving average of $175.73 and a 200 day simple moving average of $160.32. Cadence Design Systems, Inc. has a 52 week low of $132.32 and a 52 week high of $194.97. The company has a quick ratio of 1.49, a current ratio of 1.59 and a debt-to-equity ratio of 0.13.Cadence Design Systems (NASDAQ:CDNS – Get Rating) last posted its quarterly earnings results on Monday, July 25th. The software maker reported $1.08 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.12. The business had revenue of $858.00 million during the quarter, compared to the consensus estimate of $835.01 million. Cadence Design Systems had a return on equity of 32.06% and a net margin of 23.61%. Cadence Design Systems's revenue for the quarter was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.71 earnings per share. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 3.31 EPS for the current fiscal year.
Insider Activity at Cadence Design Systems
In other Cadence Design Systems news, insider Lip Bu Tan sold 50,000 shares of the business's stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $162.87, for a total transaction of $8,143,500.00. Following the completion of the transaction, the insider now owns 602,589 shares of the company's stock, valued at $98,143,670.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Cadence Design Systems news, insider Lip Bu Tan sold 50,000 shares of the business's stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $162.87, for a total transaction of $8,143,500.00. Following the completion of the transaction, the insider now owns 602,589 shares of the company's stock, valued at $98,143,670.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 2,817 shares of the business's stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $191.71, for a total value of $540,047.07. Following the transaction, the chief executive officer now directly owns 183,878 shares of the company's stock, valued at approximately $35,251,251.38. The disclosure for this sale can be found here. Insiders sold a total of 383,728 shares of company stock valued at $66,162,114 over the last quarter. 1.99% of the stock is owned by corporate insiders.
Cadence Design Systems Company Profile
(Get Rating)
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.
Featured Stories
- Get a free copy of the StockNews.com research report on Cadence Design Systems (CDNS)
- The Worst May be Over for Target, But is the Stock Safe to Buy?
- Are These Liquid Natural Gas Stocks Ready For An Upside Bounce?
- Two Fun Stocks The Insiders Are Buying
- Novavax Remains a Risk-On Stock in a Risk-Off Market
- General Mills: Superior Returns With Less Volatility
Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.