Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 9.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 91,824 shares of the software maker’s stock after acquiring an additional 7,712 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Cadence Design Systems were worth $28,258,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Royal London Asset Management Ltd. boosted its stake in shares of Cadence Design Systems by 19.8% during the 2nd quarter. Royal London Asset Management Ltd. now owns 141,876 shares of the software maker’s stock worth $43,662,000 after acquiring an additional 23,408 shares in the last quarter. LGT Fund Management Co Ltd. purchased a new position in Cadence Design Systems during the second quarter worth approximately $769,000. Choreo LLC acquired a new stake in Cadence Design Systems in the second quarter valued at approximately $1,367,000. Wedbush Securities Inc. increased its position in shares of Cadence Design Systems by 6.9% in the second quarter. Wedbush Securities Inc. now owns 3,195 shares of the software maker’s stock valued at $983,000 after buying an additional 207 shares in the last quarter. Finally, PFG Investments LLC acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth approximately $607,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares in the company, valued at approximately $5,933,420. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the transaction, the senior vice president now directly owns 19,280 shares in the company, valued at approximately $5,933,420. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the completion of the sale, the director now owns 48,051 shares in the company, valued at $14,852,083.59. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,613 shares of company stock valued at $10,701,156. 1.99% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of research analyst reports. KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Robert W. Baird dropped their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Finally, Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Cadence Design Systems Trading Up 2.1 %

CDNS opened at $252.81 on Tuesday. The firm has a market capitalization of $69.22 billion, a price-to-earnings ratio of 65.84, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02. The company’s 50 day simple moving average is $277.95 and its two-hundred day simple moving average is $292.56. Cadence Design Systems, Inc. has a 1-year low of $227.05 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the company posted $0.94 earnings per share. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal 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.