Cadence Design Systems, Inc. $CDNS Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,036,279 shares of the software maker’s stock after selling 8,046 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.38% of Cadence Design Systems worth $342,164,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CDNS. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $81,582,000. ProShare Advisors LLC lifted its holdings in shares of Cadence Design Systems by 6.0% during the 3rd quarter. ProShare Advisors LLC now owns 325,627 shares of the software maker’s stock valued at $107,517,000 after purchasing an additional 18,452 shares in the last quarter. Summit Global Investments lifted its holdings in shares of Cadence Design Systems by 57.6% during the 3rd quarter. Summit Global Investments now owns 3,611 shares of the software maker’s stock valued at $1,192,000 after purchasing an additional 1,320 shares in the last quarter. MGO One Seven LLC lifted its holdings in shares of Cadence Design Systems by 6.6% during the 3rd quarter. MGO One Seven LLC now owns 20,489 shares of the software maker’s stock valued at $6,765,000 after purchasing an additional 1,274 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of Cadence Design Systems in the 3rd quarter valued at approximately $274,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $285.51, for a total transaction of $51,391.80. Following the completion of the transaction, the director directly owned 7,824 shares of the company’s stock, valued at $2,233,830.24. This trade represents a 2.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 280 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $339.00, for a total transaction of $94,920.00. Following the completion of the sale, the vice president owned 31,720 shares in the company, valued at $10,753,080. This trade represents a 0.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 8,960 shares of company stock worth $2,834,139. 0.49% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on CDNS. Mizuho set a $400.00 target price on Cadence Design Systems in a research note on Tuesday. Bank of America raised their target price on shares of Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $420.00 price target on shares of Cadence Design Systems in a research note on Friday, October 23rd. Needham & Company LLC lifted their price target on shares of Cadence Design Systems from $400.00 to $430.00 and gave the company a “buy” rating in a research note on Tuesday, October 27th. Finally, KeyCorp reiterated an “overweight” rating on shares of Cadence Design Systems in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $410.05.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $327.89 on Friday. The firm has a market cap of $89.97 billion, a price-to-earnings ratio of 65.19, a price-to-earnings-growth ratio of 3.11 and a beta of 1.13. The stock’s 50-day moving average is $320.53 and its 200-day moving average is $327.27. Cadence Design Systems, Inc. has a one year low of $262.75 and a one year high of $416.69. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.06. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. Cadence Design Systems’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.93 earnings per share. Equities analysts predict that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.

About Cadence Design Systems

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.