Sompo Asset Management Co. Ltd. Has $1.05 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sompo Asset Management Co. Ltd. lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,870 shares of the software maker’s stock after selling 190 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Cadence Design Systems were worth $1,049,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Cerity Partners LLC raised its holdings in shares of Cadence Design Systems by 27.9% during the third quarter. Cerity Partners LLC now owns 15,225 shares of the software maker’s stock worth $4,126,000 after acquiring an additional 3,320 shares in the last quarter. Great Valley Advisor Group Inc. raised its stake in shares of Cadence Design Systems by 26.0% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 31,753 shares of the software maker’s stock worth $8,606,000 after purchasing an additional 6,547 shares in the last quarter. Nicolet Advisory Services LLC lifted its holdings in shares of Cadence Design Systems by 7.2% during the 3rd quarter. Nicolet Advisory Services LLC now owns 1,458 shares of the software maker’s stock valued at $388,000 after buying an additional 98 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the 3rd quarter valued at approximately $1,982,000. Finally, GM Advisory Group LLC increased its holdings in Cadence Design Systems by 11.3% in the third quarter. GM Advisory Group LLC now owns 738 shares of the software maker’s stock worth $200,000 after buying an additional 75 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on CDNS. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research note on Friday. They issued an “overweight” rating and a $350.00 target price for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Loop Capital started coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Berenberg Bank started coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Finally, Mizuho assumed coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $326.00.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the sale, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The trade was a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $311.87 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The business has a 50 day moving average price of $278.58 and a 200 day moving average price of $283.62. The company has a market cap of $85.53 billion, a price-to-earnings ratio of 81.86, a PEG ratio of 4.16 and a beta of 1.02. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 earnings per share. Research analysts predict that Cadence Design Systems, Inc. will post 4.75 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.