Cadence Design Systems, Inc. (NASDAQ:CDNS) Position Boosted by M&T Bank Corp

M&T Bank Corp lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 78.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,218 shares of the software maker's stock after acquiring an additional 15,491 shares during the quarter. M&T Bank Corp's holdings in Cadence Design Systems were worth $9,546,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. raised its stake in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock worth $258,136,000 after acquiring an additional 310,250 shares during the period. Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $24,026,000. Teamwork Financial Advisors LLC lifted its holdings in shares of Cadence Design Systems by 19.4% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker's stock worth $3,559,000 after purchasing an additional 2,136 shares during the last quarter. Vontobel Holding Ltd. boosted its position in Cadence Design Systems by 5.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker's stock valued at $61,957,000 after purchasing an additional 11,568 shares during the period. Finally, Meridiem Investment Management Ltd. bought a new position in Cadence Design Systems during the 3rd quarter worth $129,285,000. 84.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CDNS has been the topic of a number of recent research reports. Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a "buy" rating and a $320.00 target price for the company. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 target price for the company. Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a "buy" rating and a $360.00 price objective for the company. Finally, Rosenblatt Securities restated a "neutral" rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $327.92.

Cadence Design Systems Price Performance

NASDAQ CDNS traded up $2.94 on Monday, reaching $304.41. The company's stock had a trading volume of 1,216,980 shares, compared to its average volume of 1,761,368. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm's 50 day moving average is $292.80 and its two-hundred day moving average is $286.16. The stock has a market cap of $83.49 billion, a PE ratio of 79.90, a PEG ratio of 4.19 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business's quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.01 earnings per share. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares in the company, valued at approximately $11,928,186.66. This represents a 3.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total transaction of $177,736.00. Following the transaction, the vice president now owns 61,761 shares in the company, valued at approximately $16,887,927.84. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,870 shares of company stock worth $3,263,210 in the last three months. 1.99% of the stock is currently owned by insiders.

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.