Dai ichi Life Insurance Company Ltd Sells 25,455 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Dai ichi Life Insurance Company Ltd trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 48.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 27,602 shares of the software maker’s stock after selling 25,455 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Cadence Design Systems were worth $7,481,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Capital Market Strategies LLC boosted its holdings in shares of Cadence Design Systems by 3.1% during the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after acquiring an additional 39 shares during the last quarter. Dudley Capital Management LLC raised its position in Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after acquiring an additional 39 shares during the period. Trust Point Inc. boosted its stake in shares of Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after acquiring an additional 40 shares during the last quarter. Falcon Wealth Planning lifted its position in Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after purchasing an additional 40 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its position in Cadence Design Systems by 0.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after purchasing an additional 40 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Trading Up 0.2 %

CDNS stock opened at $312.39 on Tuesday. The stock has a market capitalization of $85.68 billion, a price-to-earnings ratio of 81.99, a price-to-earnings-growth ratio of 4.23 and a beta of 1.02. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The firm’s fifty day simple moving average is $279.36 and its two-hundred day simple moving average is $283.82. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 earnings per share. As a group, analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The trade was a 20.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock valued at $4,217,635 in the last three months. Company insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on CDNS. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Needham & Company LLC dropped their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research report on Tuesday, August 6th. Mizuho initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Finally, Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $326.00.

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.