Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. increased its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 61.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,600 shares of the software maker’s stock after acquiring an additional 6,700 shares during the period. Sumitomo Life Insurance Co.’s holdings in Cadence Design Systems were worth $4,770,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Hutchens & Kramer Investment Management Group LLC increased its stake in shares of Cadence Design Systems by 156.0% in the third quarter. Hutchens & Kramer Investment Management Group LLC now owns 1,710 shares of the software maker’s stock valued at $450,000 after purchasing an additional 1,042 shares during the period. Swedbank AB grew its holdings in Cadence Design Systems by 15.1% in the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after buying an additional 230,672 shares in the last quarter. Boomfish Wealth Group LLC acquired a new stake in Cadence Design Systems in the 3rd quarter valued at approximately $778,000. Creative Planning raised its stake in Cadence Design Systems by 9.1% during the 3rd quarter. Creative Planning now owns 48,389 shares of the software maker’s stock valued at $13,115,000 after acquiring an additional 4,038 shares in the last quarter. Finally, Procyon Advisors LLC boosted its position in Cadence Design Systems by 3.6% during the 3rd quarter. Procyon Advisors LLC now owns 1,655 shares of the software maker’s stock worth $449,000 after acquiring an additional 58 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded down $2.48 during mid-day trading on Wednesday, reaching $266.99. The company had a trading volume of 507,915 shares, compared to its average volume of 1,698,685. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The stock has a market cap of $72.73 billion, a PE ratio of 70.17, a P/E/G ratio of 3.37 and a beta of 1.02. The company has a 50-day moving average price of $269.69 and a two-hundred day moving average price of $285.52. Cadence Design Systems, Inc. has a 1-year low of $228.66 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the company earned $0.94 EPS. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares in the company, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Karna Nisewaner sold 1,213 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $279.49, for a total value of $339,021.37. Following the completion of the transaction, the senior vice president now owns 17,617 shares in the company, valued at $4,923,775.33. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,847 shares of company stock valued at $7,302,782. Company insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday. They set a “buy” rating and a $320.00 price target on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, October 7th. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $323.27.

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.