Tokio Marine Asset Management Co. Ltd. Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Tokio Marine Asset Management Co. Ltd. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 7,669 shares of the software maker’s stock after buying an additional 381 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Cadence Design Systems were worth $2,079,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CDNS. Metis Global Partners LLC increased its holdings in shares of Cadence Design Systems by 1.2% during the third quarter. Metis Global Partners LLC now owns 11,115 shares of the software maker’s stock valued at $3,012,000 after acquiring an additional 133 shares in the last quarter. Curi RMB Capital LLC purchased a new stake in Cadence Design Systems during the 3rd quarter valued at about $226,000. Huntington National Bank increased its stake in Cadence Design Systems by 6.8% during the 3rd quarter. Huntington National Bank now owns 1,853 shares of the software maker’s stock valued at $502,000 after purchasing an additional 118 shares in the last quarter. ICICI Prudential Asset Management Co Ltd lifted its stake in shares of Cadence Design Systems by 19.6% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 3,574 shares of the software maker’s stock worth $969,000 after buying an additional 585 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its stake in shares of Cadence Design Systems by 2.5% in the third quarter. Oppenheimer Asset Management Inc. now owns 26,641 shares of the software maker’s stock worth $7,221,000 after buying an additional 653 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now owns 61,111 shares in the company, valued at $16,866,636. The trade was a 1.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the transaction, the director now owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. The trade was a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock valued at $4,217,635 over the last ninety days. 1.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CDNS shares. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Oppenheimer initiated coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Needham & Company LLC dropped their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Finally, Mizuho started coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target on the stock. One equities 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 stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Trading Down 1.1 %

Shares of NASDAQ:CDNS opened at $303.04 on Friday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a market cap of $83.11 billion, a PE ratio of 79.54, a price-to-earnings-growth ratio of 3.75 and a beta of 1.02. The stock has a 50 day moving average of $272.61 and a 200 day moving average of $282.58. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 earnings per share. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 4.75 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.