Sumitomo Mitsui Trust Group Inc. Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,037,358 shares of the software maker's stock after purchasing an additional 118,970 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.38% of Cadence Design Systems worth $263,831,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank purchased a new stake in Cadence Design Systems during the fourth quarter valued at about $1,170,209,000. GAMMA Investing LLC lifted its holdings in Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock valued at $309,835,000 after purchasing an additional 1,214,330 shares during the last quarter. Schroder Investment Management Group lifted its holdings in Cadence Design Systems by 53.1% during the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after purchasing an additional 716,041 shares during the last quarter. FMR LLC lifted its holdings in Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after purchasing an additional 632,175 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of recent analyst reports. Bank of America increased their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a report on Friday, May 16th. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. Rosenblatt Securities increased their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. Finally, Mizuho increased their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $325.23.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $302.00, for a total transaction of $302,000.00. Following the sale, the vice president now directly owns 106,499 shares of the company's stock, valued at $32,162,698. This represents a 0.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $2,038,025. This trade represents a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,625 shares of company stock valued at $5,972,453 in the last three months. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded up $1.51 during trading hours on Friday, reaching $305.20. 2,331,038 shares of the stock traded hands, compared to its average volume of 2,024,552. The company has a 50 day moving average price of $300.72 and a 200 day moving average price of $286.65. The firm has a market capitalization of $83.33 billion, a price-to-earnings ratio of 77.27, a P/E/G ratio of 4.21 and a beta of 0.98. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $326.19. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52.

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

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.