Tokio Marine Asset Management Co. Ltd. Has $1.81 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 6,651 shares of the software maker’s stock after buying an additional 277 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Cadence Design Systems were worth $1,812,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CDNS. Capital Investment Advisors LLC grew its position in shares of Cadence Design Systems by 53.9% in the third quarter. Capital Investment Advisors LLC now owns 2,071 shares of the software maker’s stock valued at $485,000 after purchasing an additional 725 shares during the last quarter. Mach 1 Financial Group LLC bought a new stake in shares of Cadence Design Systems in the third quarter valued at about $203,000. Private Trust Co. NA lifted its stake in shares of Cadence Design Systems by 43.6% in the third quarter. Private Trust Co. NA now owns 405 shares of the software maker’s stock valued at $95,000 after buying an additional 123 shares during the period. Capital Market Strategies LLC bought a new stake in shares of Cadence Design Systems in the third quarter valued at about $253,000. Finally, Czech National Bank lifted its stake in shares of Cadence Design Systems by 47.2% in the third quarter. Czech National Bank now owns 47,503 shares of the software maker’s stock valued at $11,130,000 after buying an additional 15,222 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CDNS. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, April 19th. StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday. KeyCorp raised their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $316.50.

Cadence Design Systems Stock Performance

CDNS traded up $1.14 on Thursday, reaching $278.80. The company had a trading volume of 1,116,595 shares, compared to its average volume of 1,560,064. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The stock has a market cap of $75.90 billion, a P/E ratio of 72.31, a P/E/G ratio of 3.43 and a beta of 1.04. The company’s fifty day moving average is $304.38 and its 200 day moving average is $280.97. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.13 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the firm posted $1.02 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders sold a total of 173,044 shares of company stock valued at $52,231,207 in the last quarter. Insiders own 1.99% of the company’s stock.

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.