M&T Bank Corp Acquires 15,491 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

M&T Bank Corp boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 78.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 35,218 shares of the software maker’s stock after buying an additional 15,491 shares during the period. M&T Bank Corp’s holdings in Cadence Design Systems were worth $9,546,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Unigestion Holding SA acquired a new stake in shares of Cadence Design Systems in the third quarter worth $589,000. TCW Group Inc. boosted its holdings in Cadence Design Systems by 77.5% in the 3rd quarter. TCW Group Inc. now owns 463,988 shares of the software maker’s stock valued at $125,755,000 after purchasing an additional 202,578 shares during the period. TD Private Client Wealth LLC grew its position in Cadence Design Systems by 5.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 17,476 shares of the software maker’s stock worth $4,737,000 after purchasing an additional 831 shares during the last quarter. Virtue Capital Management LLC bought a new position in shares of Cadence Design Systems during the 3rd quarter worth about $638,000. Finally, Toronto Dominion Bank raised its position in shares of Cadence Design Systems by 0.8% during the third quarter. Toronto Dominion Bank now owns 150,510 shares of the software maker’s stock valued at $40,793,000 after buying an additional 1,129 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Berenberg Bank assumed coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Loop Capital started coverage on 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. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Finally, Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $327.92.

Cadence Design Systems Stock Performance

CDNS stock opened at $301.47 on Monday. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a market cap of $82.68 billion, a PE ratio of 79.13, a P/E/G ratio of 4.19 and a beta of 1.03. The business’s 50-day moving average price is $292.80 and its two-hundred day moving average price is $286.23.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the previous year, the business posted $1.01 EPS. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total value of $177,736.00. Following the sale, the vice president now directly owns 61,761 shares in the company, valued at $16,887,927.84. The trade was a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the transaction, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at $9,038,509.44. This represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,870 shares of company stock worth $3,263,210 over the last quarter. 1.99% of the stock is currently 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.