Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.3% during the 4th quarter, Holdings Channel reports. The fund owned 600,736 shares of the software maker’s stock after purchasing an additional 25,008 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Cadence Design Systems were worth $182,540,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at $28,000. Avalon Trust Co purchased a new position in Cadence Design Systems in the fourth quarter valued at $39,000. Versant Capital Management Inc raised its stake in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC lifted its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems during the 4th quarter worth about $46,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CDNS. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Loop Capital reduced their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Bank of America reduced their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $262.54 on Friday. Cadence Design Systems, Inc. has a 52-week low of $230.09 and a 52-week high of $328.99. The stock’s 50-day moving average price is $275.52 and its 200 day moving average price is $284.16. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $71.96 billion, a PE ratio of 68.02, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,021 shares of company stock worth $31,229,155. Company insiders own 1.99% of the company’s stock.

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.