Mitsubishi UFJ Asset Management Co. Ltd. Has $173.23 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Cadence Design Systems by 13.4%, now holding approximately $173.23 million worth of stock.
• Cadence Design Systems recently reported a quarterly revenue of $1.28 billion, exceeding expectations and reflecting a 20.2% year-over-year growth.
• Analysts currently have a consensus rating of "Moderate Buy" for Cadence Design Systems, with a target price averaging $364.33.

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 681,106 shares of the software maker's stock after purchasing an additional 80,370 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.25% of Cadence Design Systems worth $173,226,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Cadence Design Systems by 1.7% in the first quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock worth $6,698,834,000 after buying an additional 429,955 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 13.2% during the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock worth $2,305,489,000 after purchasing an additional 1,054,702 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Cadence Design Systems by 10.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,416,269 shares of the software maker's stock valued at $1,326,912,000 after purchasing an additional 427,418 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Cadence Design Systems by 16.1% during the 4th quarter. Northern Trust Corp now owns 3,032,957 shares of the software maker's stock valued at $911,282,000 after purchasing an additional 421,507 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Cadence Design Systems by 25.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock valued at $882,655,000 after purchasing an additional 601,834 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $354.33 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.67. The company has a market cap of $96.55 billion, a PE ratio of 95.77, a price-to-earnings-growth ratio of 4.73 and a beta of 0.97. The firm has a fifty day moving average price of $316.60 and a two-hundred day moving average price of $292.05. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the firm posted $1.28 EPS. The business's revenue was up 20.2% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director owned 8,010 shares of the company's stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James D. Plummer sold 868 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the sale, the director owned 23,996 shares in the company, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,698 shares of company stock valued at $1,485,387 in the last quarter. Corporate insiders own 1.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CDNS. Stifel Nicolaus increased their target price on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Rosenblatt Securities reissued a "neutral" rating and set a $300.00 price objective on shares of Cadence Design Systems in a report on Friday, July 25th. 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 research note on Tuesday, April 29th. Loop Capital upped their target price on Cadence Design Systems from $370.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Finally, Wall Street Zen lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $364.33.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.