Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 4.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 600,736 shares of the software maker's stock after acquiring an additional 25,008 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.22% of Cadence Design Systems worth $182,540,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in shares of Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock valued at $672,300,000 after purchasing an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. increased its position in Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock valued at $1,589,000 after buying an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. raised its stake in Cadence Design Systems by 64.3% during the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock valued at $235,625,000 after buying an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock worth $41,850,000 after acquiring an additional 79,268 shares in the last quarter. Finally, Avanza Fonder AB bought a new stake in Cadence Design Systems in the fourth quarter worth $6,046,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

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Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CDNS shares. Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. Piper Sandler increased their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Finally, Mizuho lifted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $324.83.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $4.46 during trading on Tuesday, hitting $258.79. 1,421,095 shares of the company's stock were exchanged, compared to its average volume of 1,883,330. 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 has a market cap of $70.99 billion, a price-to-earnings ratio of 67.04, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99. The business's 50-day simple moving average is $272.48 and its 200 day simple moving average is $284.34.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Activity at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The stock was 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 directly owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock worth $31,229,155 in the last quarter. 1.99% of the stock is owned by company 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.