Bank of Hawaii Acquires 389 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Bank of Hawaii grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,321 shares of the software maker’s stock after acquiring an additional 389 shares during the quarter. Bank of Hawaii’s holdings in Cadence Design Systems were worth $1,171,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Park National Corp OH raised its holdings in Cadence Design Systems by 19.8% during the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock worth $41,931,000 after buying an additional 22,537 shares during the period. Industrial Alliance Investment Management Inc. increased its position in shares of Cadence Design Systems by 83.4% during the first quarter. Industrial Alliance Investment Management Inc. now owns 4,505 shares of the software maker’s stock worth $1,402,000 after acquiring an additional 2,048 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after acquiring an additional 310,250 shares in the last quarter. SG Americas Securities LLC boosted its stake in Cadence Design Systems by 88.4% in the 2nd quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock worth $16,625,000 after purchasing an additional 25,347 shares during the period. Finally, Teamwork Financial Advisors LLC increased its holdings in Cadence Design Systems by 19.4% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock worth $3,559,000 after purchasing an additional 2,136 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In related news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. The trade was a 20.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,634 shares of company stock valued at $4,217,635. Company insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Robert W. Baird upped their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Finally, Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $311.87 on Monday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The firm has a market capitalization of $85.53 billion, a price-to-earnings ratio of 81.86, a P/E/G ratio of 4.23 and a beta of 1.02. The stock’s 50 day moving average price is $278.58 and its two-hundred day moving average price is $283.63. The company has a quick ratio of 2.27, a current ratio of 2.45 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, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the business earned $1.01 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, analysts anticipate 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.