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

Dai ichi Life Insurance Company Ltd lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 48.0% in the 3rd quarter, according to the company in its most recent 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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Missouri Trust & Investment Co bought a new position in Cadence Design Systems in the 3rd quarter worth approximately $27,000. ORG Partners LLC lifted its holdings in Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems in the 3rd quarter worth about $28,000. Chilton Capital Management LLC grew its holdings in Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after buying an additional 122 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after buying an additional 47 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the transaction, the director now owns 42,051 shares in the company, valued at approximately $11,928,186.66. This represents a 3.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 20.55 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,634 shares of company stock valued at $4,217,635. Company insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Robert W. Baird upped their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Loop Capital started coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Finally, Mizuho began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Price Performance

CDNS stock opened at $312.39 on Tuesday. The firm has a market cap of $85.68 billion, a P/E ratio of 81.99, a P/E/G ratio of 4.23 and a beta of 1.02. The firm’s fifty day moving average is $279.36 and its 200 day moving average is $283.82. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99.

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

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.