Mitsubishi UFJ Trust & Banking Corp Reduces Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Mitsubishi UFJ Trust & Banking Corp trimmed its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 203,301 shares of the software maker’s stock after selling 15,027 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.07% of Cadence Design Systems worth $61,084,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CDNS. Raymond James Financial Inc. acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth about $171,991,000. Principal Financial Group Inc. lifted its stake in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after buying an additional 501,833 shares during the period. Manning & Napier Advisors LLC acquired a new stake in Cadence Design Systems during the fourth quarter worth approximately $148,594,000. Proficio Capital Partners LLC purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $129,546,000. Finally, Jensen Investment Management Inc. acquired a new position in Cadence Design Systems in the 4th quarter valued at $126,571,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CDNS shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Bank of America dropped their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Loop Capital decreased their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Robert W. Baird dropped their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Finally, Mizuho lifted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $324.83.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $269.11 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The company’s fifty day moving average price is $277.00 and its two-hundred day moving average price is $284.46. The firm has a market capitalization of $73.77 billion, a P/E ratio of 69.72, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 12 month low of $230.09 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the transaction, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by insiders.

Cadence Design Systems Company 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.