Daiwa Securities Group Inc. Grows Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Daiwa Securities Group Inc. lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 74,439 shares of the software maker’s stock after purchasing an additional 2,446 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Cadence Design Systems were worth $20,275,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Rakuten Securities Inc. purchased a new stake in Cadence Design Systems during the fourth quarter worth $45,000. Slow Capital Inc. grew its stake in Cadence Design Systems by 0.7% in the 4th quarter. Slow Capital Inc. now owns 9,515 shares of the software maker’s stock valued at $2,592,000 after acquiring an additional 66 shares during the last quarter. Everence Capital Management Inc. increased its holdings in Cadence Design Systems by 10.4% during the 4th quarter. Everence Capital Management Inc. now owns 12,964 shares of the software maker’s stock valued at $3,531,000 after acquiring an additional 1,220 shares in the last quarter. Guerra Pan Advisors LLC acquired a new position in Cadence Design Systems during the fourth quarter worth about $2,057,000. Finally, SVB Wealth LLC lifted its holdings in shares of Cadence Design Systems by 5.8% in the fourth quarter. SVB Wealth LLC now owns 7,173 shares of the software maker’s stock valued at $1,954,000 after purchasing an additional 391 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the sale, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 177,544 shares of company stock valued at $53,581,207. Company insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CDNS. Rosenblatt Securities cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $265.00 to $280.00 in a research note on Tuesday, February 13th. KeyCorp boosted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday. Stifel Nicolaus increased their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Finally, Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $318.10.

Cadence Design Systems Trading Down 0.1 %

CDNS stock opened at $293.52 on Thursday. Cadence Design Systems, Inc. has a 52 week low of $194.01 and a 52 week high of $327.36. The company has a market cap of $79.91 billion, a price-to-earnings ratio of 76.89, a PEG ratio of 3.65 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The business has a fifty day simple moving average of $306.58 and a 200-day simple moving average of $279.35.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.75 EPS. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 4.82 EPS for the current year.

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.