Mufg Securities Americas Inc. Buys Shares of 4,049 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mufg Securities Americas Inc. acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,049 shares of the software maker's stock, valued at approximately $1,217,000.

Several other hedge funds have also bought and sold shares of CDNS. Vanguard Group Inc. lifted its position in shares of Cadence Design Systems by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock valued at $7,784,674,000 after buying an additional 201,340 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock valued at $2,406,760,000 after buying an additional 404,076 shares in the last quarter. FMR LLC lifted its position in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after buying an additional 639,146 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cadence Design Systems by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock valued at $1,806,019,000 after buying an additional 135,251 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Cadence Design Systems by 12.5% during the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after buying an additional 632,175 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CDNS. Mizuho increased their target price on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Piper Sandler increased their target price on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. Rosenblatt Securities raised their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Robert W. Baird raised their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Finally, Bank of America raised their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

Cadence Design Systems Trading Up 0.9%

Shares of CDNS traded up $2.79 during midday trading on Friday, reaching $321.56. The company had a trading volume of 1,574,219 shares, compared to its average volume of 1,977,456. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The stock has a market cap of $87.80 billion, a PE ratio of 83.31, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The firm has a 50 day simple moving average of $272.16 and a 200-day simple moving average of $286.52. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the company earned $1.17 EPS. The company's revenue for the quarter was up 23.1% on a year-over-year basis. Research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Paul Scannell sold 4,710 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the completion of the sale, the vice president now directly owns 28,442 shares of the company's stock, valued at approximately $8,532,600. This trade represents a 14.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now directly owns 7,411 shares of the company's stock, valued at $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,577 shares of company stock valued at $5,316,411. 1.99% of the stock is currently owned by insiders.

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.