Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 918,388 shares of the software maker’s stock after selling 34,039 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.33% of Cadence Design Systems worth $275,939,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Telligent Fund LP purchased a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $3,005,000. 1900 Wealth Management LLC lifted its holdings in Cadence Design Systems by 7.1% in the fourth quarter. 1900 Wealth Management LLC now owns 1,256 shares of the software maker’s stock valued at $377,000 after acquiring an additional 83 shares during the last quarter. Bleakley Financial Group LLC grew its position in Cadence Design Systems by 0.3% in the fourth quarter. Bleakley Financial Group LLC now owns 13,730 shares of the software maker’s stock worth $4,125,000 after acquiring an additional 47 shares during the period. Brandywine Oak Private Wealth LLC increased its stake in Cadence Design Systems by 5.2% during the fourth quarter. Brandywine Oak Private Wealth LLC now owns 1,262 shares of the software maker’s stock worth $379,000 after acquiring an additional 62 shares during the last quarter. Finally, Schmidt P J Investment Management Inc. lifted its stake in shares of Cadence Design Systems by 4.2% in the 4th quarter. Schmidt P J Investment Management Inc. now owns 1,988 shares of the software maker’s stock valued at $597,000 after purchasing an additional 81 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CDNS. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Mizuho upped their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Wells Fargo & Company began coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $302.91 on Friday. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The firm has a market capitalization of $83.08 billion, a PE ratio of 79.50, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03. The business’s fifty day moving average price is $304.77 and its 200 day moving average price is $284.80.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,416 shares of company stock valued at $33,538,875. 0.62% of the stock is currently owned by corporate 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.