Sumitomo Life Insurance Co. Boosts Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sumitomo Life Insurance Co. grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 28.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,600 shares of the software maker’s stock after acquiring an additional 5,000 shares during the period. Sumitomo Life Insurance Co.’s holdings in Cadence Design Systems were worth $6,790,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. SteelPeak Wealth LLC increased its holdings in Cadence Design Systems by 7.4% during the 4th quarter. SteelPeak Wealth LLC now owns 4,414 shares of the software maker’s stock worth $1,326,000 after purchasing an additional 304 shares during the period. BSW Wealth Partners grew its holdings in Cadence Design Systems by 8.3% during the 4th quarter. BSW Wealth Partners now owns 1,229 shares of the software maker’s stock worth $369,000 after acquiring an additional 94 shares in the last quarter. Tamar Securities LLC increased its position in Cadence Design Systems by 6.3% during the 4th quarter. Tamar Securities LLC now owns 85,743 shares of the software maker’s stock valued at $25,762,000 after purchasing an additional 5,110 shares during the period. Perigon Wealth Management LLC raised its holdings in shares of Cadence Design Systems by 1.6% in the 4th quarter. Perigon Wealth Management LLC now owns 5,292 shares of the software maker’s stock valued at $1,582,000 after purchasing an additional 84 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC lifted its position in shares of Cadence Design Systems by 100.8% in the 4th quarter. Mount Yale Investment Advisors LLC now owns 1,833 shares of the software maker’s stock worth $551,000 after purchasing an additional 920 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $299.30 on Wednesday. The business has a fifty day moving average of $306.05 and a 200 day moving average of $284.72. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The firm has a market capitalization of $82.09 billion, a price-to-earnings ratio of 78.56, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04.

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

Wall Street Analyst Weigh In

CDNS has been the subject of a number of analyst reports. Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 target price 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. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. Finally, Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the sale, the vice president now directly owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. This trade represents a 1.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business’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 transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,416 shares of company stock valued at $33,528,267. 1.99% of the stock is owned by insiders.

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.