Tokio Marine Asset Management Co. Ltd. Purchases 936 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Tokio Marine Asset Management Co. Ltd. increased its stake in Cadence Design Systems by 11.8%, owning a total of 8,876 shares valued at approximately $2.26 million.
• Several institutional investors have raised their positions in Cadence Design Systems, with a total of 84.85% of the stock currently owned by these investors.
• Analysts have raised price targets for Cadence Design Systems, with the average target now at $364.33, reflecting a strong consensus rating of "Moderate Buy" based on multiple upgrades.

Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 11.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,876 shares of the software maker's stock after buying an additional 936 shares during the period. Tokio Marine Asset Management Co. Ltd.'s holdings in Cadence Design Systems were worth $2,257,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Cadence Design Systems by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock worth $6,698,834,000 after purchasing an additional 429,955 shares during the last quarter. Jennison Associates LLC raised its holdings in Cadence Design Systems by 13.2% during the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock worth $2,305,489,000 after purchasing an additional 1,054,702 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Cadence Design Systems by 10.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker's stock worth $1,326,912,000 after purchasing an additional 427,418 shares during the last quarter. Northern Trust Corp grew its position in shares of Cadence Design Systems by 16.1% during the 4th quarter. Northern Trust Corp now owns 3,032,957 shares of the software maker's stock worth $911,282,000 after buying an additional 421,507 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Cadence Design Systems by 25.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock worth $882,655,000 after buying an additional 601,834 shares during the period. Institutional investors and hedge funds own 84.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CDNS shares. Bank of America boosted their target price on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Rosenblatt Securities restated a "neutral" rating and issued a $300.00 target price on shares of Cadence Design Systems in a research note on Friday, July 25th. Piper Sandler reiterated a "neutral" rating and set a $355.00 price objective (up previously from $328.00) on shares of Cadence Design Systems in a research note on Tuesday, July 29th. Loop Capital upped their price objective on Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Finally, Wells Fargo & Company upped their price objective on Cadence Design Systems from $365.00 to $405.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $364.33.

Cadence Design Systems Stock Up 0.3%

Cadence Design Systems stock traded up $0.96 during mid-day trading on Friday, reaching $349.88. The stock had a trading volume of 1,567,384 shares, compared to its average volume of 1,933,148. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.67 and a current ratio of 2.82. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The stock's 50-day simple moving average is $324.89 and its 200-day simple moving average is $294.01. The firm has a market capitalization of $95.34 billion, a PE ratio of 94.56, a price-to-earnings-growth ratio of 4.58 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating analysts' consensus estimates of $1.56 by $0.09. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The firm had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. During the same quarter last year, the firm posted $1.28 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $358.72, for a total value of $358,720.00. Following the transaction, the vice president owned 104,499 shares of the company's stock, valued at approximately $37,485,881.28. The trade was a 0.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director directly owned 8,010 shares in the company, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,830 shares of company stock worth $1,207,671. 1.99% of the stock is owned by insiders.

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.