Elo Mutual Pension Insurance Co Cuts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Elo Mutual Pension Insurance Co lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.3% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 24,983 shares of the software maker’s stock after selling 862 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Cadence Design Systems were worth $7,689,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Empowered Funds LLC raised its holdings in shares of Cadence Design Systems by 223.8% during the first quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after acquiring an additional 6,346 shares in the last quarter. Norden Group LLC lifted its position in shares of Cadence Design Systems by 1,659.3% in the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after purchasing an additional 12,544 shares during the period. Pinebridge Investments L.P. boosted its stake in shares of Cadence Design Systems by 37.5% during the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after purchasing an additional 5,269 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Cadence Design Systems by 3.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after buying an additional 3,899 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after buying an additional 468,195 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In other news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the transaction, the vice president now directly owns 65,194 shares in the company, valued at approximately $17,357,250.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,113 shares of company stock worth $10,237,521. 1.99% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on CDNS shares. Bank of America lifted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. KeyCorp upped their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a report on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, Robert W. Baird decreased their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Trading Up 0.6 %

NASDAQ:CDNS opened at $274.79 on Wednesday. The stock has a market cap of $74.86 billion, a price-to-earnings ratio of 71.56, a PEG ratio of 3.19 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The company’s 50 day moving average price is $272.06 and its 200-day moving average price is $291.01. Cadence Design Systems, Inc. has a 52 week low of $227.05 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the business posted $0.94 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal 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.