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

M&T Bank Corp lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 78.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Executive Wealth Management LLC bought a new stake in shares of Cadence Design Systems during the 3rd quarter worth $524,000. SGL Investment Advisors Inc. purchased a new position in Cadence Design Systems in the 3rd quarter worth about $698,000. Nomura Asset Management Co. Ltd. lifted its stake in Cadence Design Systems by 18.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 334,941 shares of the software maker’s stock valued at $90,779,000 after buying an additional 51,073 shares in the last quarter. MML Investors Services LLC increased its position in shares of Cadence Design Systems by 1.5% in the third quarter. MML Investors Services LLC now owns 73,978 shares of the software maker’s stock worth $20,050,000 after acquiring an additional 1,079 shares in the last quarter. Finally, Headinvest LLC purchased a new stake in shares of Cadence Design Systems in the 3rd quarter valued at approximately $682,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Up 2.0 %

Shares of CDNS stock opened at $308.78 on Thursday. The business’s 50 day moving average is $287.32 and its two-hundred day moving average is $285.28. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a market cap of $84.69 billion, a PE ratio of 81.04, a price-to-earnings-growth ratio of 4.17 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate 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 quarter last year, the firm posted $1.01 EPS. Equities analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Berenberg Bank started coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Oppenheimer assumed coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Finally, Loop Capital started coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total value of $177,736.00. Following the completion of the transaction, the vice president now owns 61,761 shares in the company, valued at approximately $16,887,927.84. This represents a 1.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the sale, the director now owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,634 shares of company stock valued at $1,584,080. 1.99% of the stock is owned by company insiders.

About Cadence Design Systems

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.