Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Lessened by Nippon Life Global Investors Americas Inc.

Nippon Life Global Investors Americas Inc. decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,870 shares of the software maker’s stock after selling 80 shares during the period. Nippon Life Global Investors Americas Inc.’s holdings in Cadence Design Systems were worth $575,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its holdings in shares of Cadence Design Systems by 223.8% in the first quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after buying an additional 6,346 shares during the period. Norden Group LLC boosted its position in shares of Cadence Design Systems by 1,659.3% during 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 in the last quarter. Pinebridge Investments L.P. grew its stake in shares of 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 worth $5,258,000 after purchasing an additional 5,269 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in shares of 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 worth $30,435,000 after purchasing an additional 3,899 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after buying an additional 468,195 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction that occurred 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 owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The disclosure for this sale can be found here. Insiders have sold a total of 38,272 shares of company stock valued at $10,833,362 in the last three months. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Performance

CDNS stock opened at $273.76 on Monday. The firm has a 50 day simple moving average of $269.55 and a 200 day simple moving average of $290.20. Cadence Design Systems, Inc. has a 52 week low of $227.05 and a 52 week high of $328.99. The stock has a market cap of $74.58 billion, a P/E ratio of 71.29, a P/E/G ratio of 3.19 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 EPS for the quarter, beating 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 business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the company posted $0.94 EPS. Cadence Design Systems’s revenue was up 8.6% on a year-over-year basis. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on CDNS. Piper Sandler raised 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. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Bank of America lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. KeyCorp upped their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Finally, Robert W. Baird dropped 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 report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $334.56.

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.