Asset Management One Co. Ltd. Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Asset Management One Co. Ltd. reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,058 shares of the software maker’s stock after selling 238 shares during the period. Asset Management One Co. Ltd.’s holdings in Cadence Design Systems were worth $33,571,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Missouri Trust & Investment Co bought a new position in shares of Cadence Design Systems during the third quarter worth about $27,000. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems during the third quarter worth about $28,000. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems during the fourth quarter worth about $28,000. Versant Capital Management Inc lifted 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 during the last quarter. Finally, Prestige Wealth Management Group LLC lifted its position in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Loop Capital initiated coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price 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. Robert W. Baird raised 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. Finally, Needham & Company LLC cut their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $326.08.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $295.19 on Friday. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month 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. The firm has a market capitalization of $80.96 billion, a PE ratio of 77.48, a P/E/G ratio of 3.50 and a beta of 1.03. The company’s 50 day simple moving average is $303.55 and its 200 day simple moving average is $285.94.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,538,875 over the last quarter. 1.99% of the stock is currently owned by company insiders.

Cadence Design Systems 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.