Sumitomo Mitsui DS Asset Management Company Ltd Has $9.27 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,847 shares of the software maker’s stock after purchasing an additional 2,260 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Cadence Design Systems were worth $9,268,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. Dynamic Advisor Solutions LLC raised its stake in Cadence Design Systems by 23.2% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 3,232 shares of the software maker’s stock worth $876,000 after buying an additional 609 shares during the period. Brookstone Capital Management raised its position in shares of Cadence Design Systems by 19.3% during the third quarter. Brookstone Capital Management now owns 10,674 shares of the software maker’s stock worth $2,893,000 after purchasing an additional 1,729 shares during the period. Tobam lifted its holdings in shares of Cadence Design Systems by 47.4% during the 3rd quarter. Tobam now owns 1,237 shares of the software maker’s stock valued at $335,000 after purchasing an additional 398 shares in the last quarter. Pinnacle Bancorp Inc. grew its position in shares of Cadence Design Systems by 16.1% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 2,524 shares of the software maker’s stock valued at $684,000 after purchasing an additional 350 shares during the period. Finally, JGP Wealth Management LLC raised its holdings in Cadence Design Systems by 5.4% during the 3rd quarter. JGP Wealth Management LLC now owns 2,624 shares of the software maker’s stock worth $711,000 after buying an additional 134 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research analyst reports. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $299.68 on Friday. The company has a market cap of $82.19 billion, a PE ratio of 78.66, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03. The firm has a 50-day moving average of $304.73 and a 200-day moving average of $284.93. Cadence Design Systems, Inc. has a one year low of $241.29 and a one 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 Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction 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 $4,378,158.04. This trade represents a 18.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the transaction, the vice president now 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. Insiders own 0.62% of the company’s stock.

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.