Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 10.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 65,971 shares of the software maker's stock after purchasing an additional 6,422 shares during the period. Dai ichi Life Insurance Company Ltd's holdings in Cadence Design Systems were worth $17,969,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Allworth Financial LP increased its stake in Cadence Design Systems by 15.3% during the 3rd quarter. Allworth Financial LP now owns 490 shares of the software maker's stock valued at $115,000 after purchasing an additional 65 shares in the last quarter. M&T Bank Corp raised its holdings in shares of Cadence Design Systems by 4.2% in the 3rd quarter. M&T Bank Corp now owns 20,159 shares of the software maker's stock worth $4,724,000 after acquiring an additional 821 shares during the last quarter. Capital Investment Advisory Services LLC lifted its position in Cadence Design Systems by 10.6% in the 3rd quarter. Capital Investment Advisory Services LLC now owns 1,150 shares of the software maker's stock valued at $269,000 after acquiring an additional 110 shares in the last quarter. Platinum Investment Management Ltd. acquired a new position in Cadence Design Systems during the 3rd quarter valued at about $56,000. Finally, ICICI Prudential Asset Management Co Ltd increased its holdings in Cadence Design Systems by 30.4% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 2,418 shares of the software maker's stock worth $567,000 after purchasing an additional 564 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded down $2.37 during midday trading on Tuesday, reaching $290.10. The stock had a trading volume of 1,181,419 shares, compared to its average volume of 1,530,195. The firm has a market capitalization of $78.94 billion, a PE ratio of 75.55, a P/E/G ratio of 3.40 and a beta of 1.06. Cadence Design Systems, Inc. has a 12 month low of $203.13 and a 12 month high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The firm's 50-day moving average price is $296.83 and its 200 day moving average price is $286.68.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the firm posted $1.02 earnings per share. The company's quarterly revenue was down 1.2% compared to the same quarter last year. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $309.16, for a total value of $463,740.00. Following the completion of the transaction, the director now owns 51,683 shares of the company's stock, valued at approximately $15,978,316.28. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company's stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $309.16, for a total value of $463,740.00. Following the completion of the transaction, the director now directly owns 51,683 shares in the company, valued at approximately $15,978,316.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the firm's stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders have sold a total of 109,298 shares of company stock valued at $33,247,394 in the last 90 days. Corporate insiders own 0.62% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on CDNS shares. Rosenblatt Securities reaffirmed a "neutral" rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, May 2nd. KeyCorp boosted their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an "overweight" rating in a research note on Monday, April 15th. Piper Sandler dropped their price target on Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating on the stock in a report on Tuesday, April 23rd. Finally, Morgan Stanley raised Cadence Design Systems from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus price target of $326.11.

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.