Sumitomo Mitsui DS Asset Management Company Ltd Purchases 2,260 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 30,847 shares of the software maker’s stock after buying an additional 2,260 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Cadence Design Systems were worth $9,268,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Van ECK Associates Corp raised its position in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares in the last quarter. Principal Financial Group Inc. increased its stake in Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares during the period. Manning & Napier Advisors LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at $148,594,000. Meridiem Investment Management Ltd. acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth $129,285,000. Finally, Jennison Associates LLC increased its position in shares of Cadence Design Systems by 5.3% in the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $299.68 on Friday. The business has a 50 day moving average of $304.73 and a 200-day moving average of $284.93. The company has a market capitalization of $82.19 billion, a P/E ratio of 78.66, a P/E/G ratio of 3.42 and a beta of 1.03. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the transaction, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,416 shares of company stock worth $33,538,875. 0.62% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Needham & Company LLC reduced their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $329.50.

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.