Nomura Asset Management Co. Ltd. Has $99.85 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Nomura Asset Management Co. Ltd. reduced its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 332,324 shares of the software maker’s stock after selling 2,617 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Cadence Design Systems were worth $99,850,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. AKO Capital LLP grew its stake in shares of Cadence Design Systems by 12.8% in the 4th quarter. AKO Capital LLP now owns 223,944 shares of the software maker’s stock valued at $67,286,000 after purchasing an additional 25,366 shares during the period. Norges Bank acquired a new stake in Cadence Design Systems in the 4th quarter valued at $1,170,209,000. Blair William & Co. IL grew its position in Cadence Design Systems by 14.0% in the fourth quarter. Blair William & Co. IL now owns 5,181 shares of the software maker’s stock valued at $1,557,000 after acquiring an additional 636 shares during the period. Caisse Des Depots ET Consignations acquired a new position in Cadence Design Systems during the fourth quarter worth $946,000. Finally, NEOS Investment Management LLC lifted its holdings in shares of Cadence Design Systems by 24.1% during the fourth quarter. NEOS Investment Management LLC now owns 34,239 shares of the software maker’s stock valued at $10,287,000 after acquiring an additional 6,653 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction 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 $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,021 shares of company stock valued at $31,229,155. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $262.54 on Friday. The business’s 50-day simple moving average is $275.52 and its 200 day simple moving average is $284.16. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a market cap of $71.96 billion, a price-to-earnings ratio of 68.02, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion during 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, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Oppenheimer lowered their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Rosenblatt Securities upped their price objective 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. Loop Capital dropped their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Piper Sandler boosted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Finally, Mizuho lifted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $324.83.

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.