Sumitomo Mitsui Trust Group Inc. Boosts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sumitomo Mitsui Trust Group Inc. raised its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 48.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 952,427 shares of the software maker's stock after acquiring an additional 310,250 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.35% of Cadence Design Systems worth $258,136,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Entropy Technologies LP bought a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $379,000. Venturi Wealth Management LLC lifted its stake in shares of Cadence Design Systems by 28.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 821 shares of the software maker's stock valued at $223,000 after purchasing an additional 184 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth approximately $79,000. Carr Financial Group Corp increased its position in shares of Cadence Design Systems by 38.8% during the 3rd quarter. Carr Financial Group Corp now owns 1,388 shares of the software maker's stock valued at $376,000 after purchasing an additional 388 shares during the last quarter. Finally, Objective Capital Management LLC bought a new position in shares of Cadence Design Systems during the 3rd quarter valued at approximately $430,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Up 2.9 %

NASDAQ:CDNS traded up $8.70 during trading hours on Wednesday, reaching $306.47. The company's stock had a trading volume of 2,149,289 shares, compared to its average volume of 1,776,488. 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 company has a market capitalization of $84.05 billion, a P/E ratio of 80.46, a price-to-earnings-growth ratio of 3.64 and a beta of 1.02. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The stock has a 50 day moving average price of $271.56 and a two-hundred day moving average price of $282.41.

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

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business's stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now owns 45,051 shares in the company, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Karna Nisewaner sold 1,213 shares of the company's stock in a transaction on Friday, August 16th. The stock was sold at an average price of $279.49, for a total value of $339,021.37. Following the transaction, the senior vice president now directly owns 17,617 shares of the company's stock, valued at $4,923,775.33. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the sale, the director now directly owns 45,051 shares of the company's stock, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,347 shares of company stock worth $7,734,616. 1.99% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. 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 price objective for the company. Piper Sandler raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Needham & Company LLC reduced their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research report on Tuesday, October 29th. Mizuho started coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an "outperform" rating and a $325.00 target price for the company. Finally, Robert W. Baird increased their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $326.00.

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.