M&T Bank Corp Reduces Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

M&T Bank Corp trimmed its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 5.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,343 shares of the software maker's stock after selling 2,186 shares during the quarter. M&T Bank Corp's holdings in Cadence Design Systems were worth $8,989,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CDNS. Smallwood Wealth Investment Management LLC purchased a new position in shares of Cadence Design Systems in the 1st quarter valued at $25,000. Valley National Advisers Inc. boosted its stake in Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after acquiring an additional 99 shares in the last quarter. Ancora Advisors LLC grew its holdings in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth about $39,000. Finally, Bartlett & CO. Wealth Management LLC lifted its holdings in shares of Cadence Design Systems by 147.3% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 183 shares of the software maker's stock valued at $47,000 after purchasing an additional 109 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer owned 209,548 shares in the company, valued at $64,959,880. This trade represents a 4.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the sale, the director owned 8,010 shares of the company's stock, valued at $2,435,040. This trade represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,975 shares of company stock valued at $6,114,587. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded down $2.06 during midday trading on Friday, hitting $320.60. The stock had a trading volume of 1,201,465 shares, compared to its average volume of 2,036,282. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $330.09. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average price of $307.83 and a two-hundred day moving average price of $287.56. The company has a market capitalization of $87.54 billion, a PE ratio of 81.16, a P/E/G ratio of 4.47 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the firm earned $1.17 earnings per share. The firm's revenue was up 23.1% compared to the same quarter last year. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the subject of a number of research analyst reports. KeyCorp upped their target price on Cadence Design Systems from $340.00 to $358.00 and gave the company an "overweight" rating in a research report on Thursday. Rosenblatt Securities increased 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. The Goldman Sachs Group started coverage on shares of Cadence Design Systems in a research report on Thursday. They set a "buy" rating and a $380.00 target price on the stock. Bank of America upped their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, Robert W. Baird raised their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $327.93.

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.