Sumitomo Life Insurance Co. Sells 5,800 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sumitomo Life Insurance Co. reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 25.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,800 shares of the software maker's stock after selling 5,800 shares during the quarter. Sumitomo Life Insurance Co.'s holdings in Cadence Design Systems were worth $4,273,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC purchased a new position in shares of Cadence Design Systems during the 1st quarter valued at approximately $25,000. Valley National Advisers Inc. raised its holdings in Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after acquiring an additional 99 shares in the last quarter. Ancora Advisors LLC boosted its stake in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after acquiring an additional 112 shares during the last quarter. Avalon Trust Co bought a new position in Cadence Design Systems during the 4th quarter valued at $39,000. Finally, Bartlett & CO. Wealth Management LLC grew its holdings in Cadence Design Systems by 147.3% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock worth $47,000 after acquiring an additional 109 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

CDNS stock traded up $6.28 during trading on Thursday, reaching $320.86. 1,275,781 shares of the stock were exchanged, compared to its average volume of 2,032,749. Cadence Design Systems, Inc. has a twelve month low of $221.56 and a twelve month high of $330.09. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $87.61 billion, a P/E ratio of 81.23, a price-to-earnings-growth ratio of 4.37 and a beta of 0.99. The stock has a 50 day simple moving average of $308.61 and a 200-day simple moving average of $287.88.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the firm earned $1.17 EPS. The firm's revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total transaction of $306,350.00. Following the sale, the vice president owned 105,499 shares of the company's stock, valued at $32,319,618.65. This represents a 0.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer owned 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,975 shares of company stock worth $6,114,587 over the last ninety days. Corporate insiders own 1.99% of the company's stock.

Analysts Set New Price Targets

CDNS has been the topic of several research analyst reports. The Goldman Sachs Group began coverage on shares of Cadence Design Systems in a research report on Thursday, July 10th. They set a "buy" rating and a $380.00 price target on the stock. Bank of America upped their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Oppenheimer decreased their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Rosenblatt Securities upped their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $330.07.

Cadence Design Systems Company 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.