Sumitomo Mitsui DS Asset Management Company Ltd Grows Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,779 shares of the software maker's stock after purchasing an additional 1,932 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Cadence Design Systems were worth $8,337,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Cadence Design Systems during the first quarter worth about $25,000. Valley National Advisers Inc. boosted its stake in Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after buying an additional 99 shares during the last quarter. Ancora Advisors LLC boosted its stake in Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after buying an additional 112 shares during the last quarter. Avalon Trust Co bought a new position in Cadence Design Systems during the fourth quarter valued at approximately $39,000. Finally, OFI Invest Asset Management bought a new position in Cadence Design Systems during the fourth quarter valued at approximately $46,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on CDNS. Robert W. Baird increased their price target on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Wells Fargo & Company increased their price target on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Rosenblatt Securities increased their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research note on Tuesday, April 29th. Oppenheimer dropped their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. Finally, KeyCorp raised their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $325.23.

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director directly owned 8,010 shares in the company, valued at $2,435,040. This trade represents a 2.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total value of $306,350.00. Following the transaction, the vice president owned 105,499 shares in the company, valued at $32,319,618.65. The trade was a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,975 shares of company stock worth $6,114,587 in the last three months. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Trading Up 5.6%

Shares of CDNS stock traded up $17.54 on Thursday, reaching $328.49. 2,274,696 shares of the company's stock were exchanged, compared to its average volume of 2,028,063. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $329.45. 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 stock has a market capitalization of $89.69 billion, a PE ratio of 83.16, a P/E/G ratio of 4.31 and a beta of 0.99. The company's fifty day simple moving average is $303.79 and its 200 day simple moving average is $286.69.

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

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.