85,982 Shares in Cadence Design Systems, Inc. (NASDAQ:CDNS) Bought by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) during the fourth quarter, Holdings Channel.com reports. The firm acquired 85,982 shares of the software maker’s stock, valued at approximately $25,891,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the 4th quarter valued at about $28,000. Avalon Trust Co purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $39,000. Versant Capital Management Inc grew its stake in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC raised its holdings in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the period. Finally, OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $46,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 6.4 %

Shares of NASDAQ CDNS opened at $232.88 on Friday. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The stock’s fifty day simple moving average is $268.08 and its two-hundred day simple moving average is $283.75. The stock has a market capitalization of $63.88 billion, a PE ratio of 60.33, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,101 shares of company stock valued at $29,395,309 in the last 90 days. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Rosenblatt Securities raised their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Finally, Bank of America decreased their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Cadence Design Systems 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.