Sumitomo Mitsui Trust Holdings Inc. Sells 6,611 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sumitomo Mitsui Trust Holdings Inc. trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 739,568 shares of the software maker’s stock after selling 6,611 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.27% of Cadence Design Systems worth $201,436,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Cibc World Market Inc. grew its stake in Cadence Design Systems by 2.7% in the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after acquiring an additional 571 shares in the last quarter. Prudential PLC bought a new position in Cadence Design Systems in the 1st quarter worth about $1,160,000. Loomis Sayles & Co. L P grew its stake in Cadence Design Systems by 1,030.1% in the 1st quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock worth $457,000 after acquiring an additional 2,534 shares in the last quarter. Zions Bancorporation N.A. grew its stake in Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after acquiring an additional 117 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in Cadence Design Systems by 26.8% in the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock worth $2,669,000 after acquiring an additional 3,433 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CDNS. Stifel Nicolaus upped their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Rosenblatt Securities cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and upped their price target for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Robert W. Baird upped their price target on shares of Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Finally, KeyCorp upped their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $314.10.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 36,000 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the transaction, the chief financial officer now owns 80,594 shares in the company, valued at approximately $22,361,611.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, CFO John M. Wall sold 36,000 shares of the company’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the transaction, the chief financial officer now owns 80,594 shares in the company, valued at approximately $22,361,611.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $310,460.00. Following the transaction, the vice president now owns 68,144 shares in the company, valued at approximately $21,155,986.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 212,044 shares of company stock worth $63,106,522. 0.62% of the stock is owned by corporate insiders.

Cadence Design Systems Trading Down 1.4 %

NASDAQ:CDNS opened at $305.85 on Monday. Cadence Design Systems, Inc. has a 52 week low of $194.01 and a 52 week high of $327.36. The firm has a 50 day moving average of $306.47 and a 200 day moving average of $278.30. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $83.26 billion, a price-to-earnings ratio of 80.07, a PEG ratio of 3.72 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the company posted $0.75 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current fiscal year.

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.