Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 61.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,600 shares of the software maker’s stock after acquiring an additional 6,700 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Cadence Design Systems were worth $4,770,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CDNS. RiverPark Advisors LLC acquired a new position in Cadence Design Systems during the first quarter worth approximately $26,000. ORG Partners LLC grew its stake in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth $32,000. Hollencrest Capital Management raised its position in shares of Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after buying an additional 102 shares during the period. Finally, Rise Advisors LLC acquired a new position in Cadence Design Systems in the first quarter valued at $45,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDNS has been the subject of several research analyst reports. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday. They issued a “buy” rating and a $320.00 price target on the stock. KeyCorp boosted their price objective 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. Robert W. Baird cut their target price 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. Finally, Oppenheimer began coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $323.27.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total transaction of $177,736.00. Following the sale, the vice president now owns 61,761 shares in the company, valued at $16,887,927.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, SVP Karna Nisewaner sold 1,213 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $279.49, for a total value of $339,021.37. Following the transaction, the senior vice president now directly owns 17,617 shares in the company, valued at approximately $4,923,775.33. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total transaction of $177,736.00. Following the sale, the vice president now directly owns 61,761 shares of the company’s stock, valued at approximately $16,887,927.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,847 shares of company stock worth $7,302,782. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 0.9 %

Shares of NASDAQ CDNS traded down $2.48 during midday trading on Wednesday, reaching $266.99. 507,915 shares of the company’s stock were exchanged, compared to its average volume of 1,698,685. The business’s fifty day moving average price is $269.69 and its two-hundred day moving average price is $285.52. Cadence Design Systems, Inc. has a 52-week low of $228.66 and a 52-week high of $328.99. The stock has a market capitalization of $72.73 billion, a PE ratio of 70.17, a price-to-earnings-growth ratio of 3.37 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm 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 quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.94 earnings per share. Analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

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.