Sompo Asset Management Co. Ltd. Has $1.99 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sompo Asset Management Co. Ltd. grew its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 71.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,620 shares of the software maker's stock after buying an additional 2,750 shares during the period. Sompo Asset Management Co. Ltd.'s holdings in Cadence Design Systems were worth $1,989,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems during the 4th quarter worth about $28,000. Avalon Trust Co bought a new stake in Cadence Design Systems in the fourth quarter valued at approximately $39,000. Versant Capital Management Inc boosted its position in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after purchasing an additional 87 shares in the last quarter. OFI Invest Asset Management bought a new position in Cadence Design Systems during the fourth quarter worth about $46,000. Finally, Synergy Investment Management LLC bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $50,000. Institutional investors own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Oppenheimer decreased their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Bank of America reduced their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Finally, Robert W. Baird dropped their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $320.67.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $258.15 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm has a market cap of $70.81 billion, a price-to-earnings ratio of 66.88, a P/E/G ratio of 3.88 and a beta of 1.14. The firm's 50-day simple moving average is $255.62 and its 200 day simple moving average is $281.96. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders have sold 1,950 shares of company stock valued at $518,499. 1.99% of the stock is currently owned by corporate insiders.

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.

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