Sumitomo Mitsui Trust Holdings Inc. Sells 258 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Sumitomo Mitsui Trust Holdings Inc. lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 0.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 739,310 shares of the software maker’s stock after selling 258 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Cadence Design Systems were worth $230,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CDNS. Parkside Financial Bank & Trust boosted its holdings in shares of Cadence Design Systems by 8.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after buying an additional 38 shares in the last quarter. Highview Capital Management LLC DE grew its holdings in Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after purchasing an additional 39 shares during the last quarter. Fiduciary Trust Co increased its position in shares of Cadence Design Systems by 0.6% during the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after purchasing an additional 39 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its holdings in shares of Cadence Design Systems by 4.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after purchasing an additional 41 shares during the last quarter. Finally, Capital Market Strategies LLC boosted its position in shares of Cadence Design Systems by 3.4% in the 1st quarter. Capital Market Strategies LLC now owns 1,261 shares of the software maker’s stock worth $393,000 after purchasing an additional 42 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS opened at $315.47 on Thursday. The company has a market capitalization of $85.94 billion, a P/E ratio of 82.15, a P/E/G ratio of 3.77 and a beta of 1.03. The business’s 50-day moving average is $295.72 and its two-hundred day moving average is $294.56. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the business posted $1.02 EPS. The business’s revenue was down 1.2% compared to the same quarter last year. Research analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CDNS shares. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research note on Tuesday. Piper Sandler cut their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $334.89.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the transaction, the director now directly owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,134 shares of company stock worth $14,978,483. 0.62% of the stock is owned by corporate insiders.

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.