Meiji Yasuda Asset Management Co Ltd. reduced its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 41.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,280 shares of the software maker’s stock after selling 9,350 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Cadence Design Systems were worth $445,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Mn Services Vermogensbeheer B.V. increased its stake in Cadence Design Systems by 490.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 45,258 shares of the software maker’s stock worth $1,516,000 after buying an additional 37,591 shares in the last quarter. Glen Harbor Capital Management LLC increased its stake in shares of Cadence Design Systems by 53.2% in the first quarter. Glen Harbor Capital Management LLC now owns 18,810 shares of the software maker’s stock worth $591,000 after buying an additional 6,534 shares during the period. Koch Industries Inc. bought a new stake in shares of Cadence Design Systems during the first quarter worth about $308,000. First Trust Advisors LP increased its stake in shares of Cadence Design Systems by 89.7% in the second quarter. First Trust Advisors LP now owns 460,774 shares of the software maker’s stock worth $15,431,000 after buying an additional 217,889 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its stake in shares of Cadence Design Systems by 91.2% in the second quarter. Oregon Public Employees Retirement Fund now owns 191,918 shares of the software maker’s stock worth $6,427,000 after buying an additional 91,560 shares during the period. 84.26% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems, Inc. (NASDAQ CDNS) opened at 37.91 on Wednesday. The stock has a market cap of $10.62 billion, a price-to-earnings ratio of 44.08 and a beta of 0.94. The company has a 50-day moving average price of $36.11 and a 200-day moving average price of $33.39. Cadence Design Systems, Inc. has a 52 week low of $24.15 and a 52 week high of $37.95.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. The firm had revenue of $479 million during the quarter, compared to analyst estimates of $476.21 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. Cadence Design Systems’s revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.29 EPS. Equities research analysts anticipate that Cadence Design Systems, Inc. will post $1.39 EPS for the current year.

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Several brokerages have recently weighed in on CDNS. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. Zacks Investment Research cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Bank of America Corporation increased their target price on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a research report on Tuesday, July 25th. Finally, Royal Bank Of Canada increased their target price on Cadence Design Systems from $36.00 to $39.00 and gave the company an “outperform” rating in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $33.67.

In related news, insider Thomas P. Beckley sold 56,250 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $35.00, for a total value of $1,968,750.00. Following the sale, the insider now directly owns 322,734 shares in the company, valued at approximately $11,295,690. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James J. Cowie sold 5,036 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $37.21, for a total transaction of $187,389.56. Following the completion of the sale, the vice president now owns 82,082 shares in the company, valued at $3,054,271.22. The disclosure for this sale can be found here. Insiders have sold a total of 401,286 shares of company stock worth $14,236,390 over the last 90 days. 2.55% of the stock is owned by insiders.

About Cadence Design Systems

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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