Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Meiji Yasuda Life Insurance Co

Meiji Yasuda Life Insurance Co cut its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,170 shares of the software maker’s stock after selling 2,075 shares during the quarter. Meiji Yasuda Life Insurance Co’s holdings in Cadence Design Systems were worth $10,208,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CDNS. Empowered Funds LLC boosted its holdings in Cadence Design Systems by 223.8% in the 1st 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 during the last quarter. Norden Group LLC boosted its holdings in 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 purchasing an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. boosted its holdings in Cadence Design Systems by 37.5% in the 4th 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 during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in Cadence Design Systems by 3.6% in the 4th 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 last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after purchasing an additional 468,195 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of CDNS opened at $274.79 on Wednesday. Cadence Design Systems, Inc. has a fifty-two week low of $227.05 and a fifty-two week high of $328.99. The firm’s 50 day moving average price is $272.06 and its 200 day moving average price is $291.01. The company has a market cap of $74.86 billion, a P/E ratio of 71.56, a PEG ratio of 3.19 and a beta of 1.02. 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 (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm earned $0.94 EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, research analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the sale, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the sale, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the completion of the sale, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,113 shares of company stock valued at $10,237,521. Insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.