Sumitomo Mitsui Trust Holdings Inc. Decreases Position in Cadence Design Systems, Inc. (CDNS)

Sumitomo Mitsui Trust Holdings Inc. reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 828,094 shares of the software maker’s stock after selling 15,575 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.29% of Cadence Design Systems worth $32,685,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale boosted its holdings in shares of Cadence Design Systems by 6.3% during the third quarter. DekaBank Deutsche Girozentrale now owns 290,847 shares of the software maker’s stock worth $10,977,000 after purchasing an additional 17,341 shares during the period. Sigma Planning Corp boosted its holdings in shares of Cadence Design Systems by 17.1% during the third quarter. Sigma Planning Corp now owns 66,369 shares of the software maker’s stock worth $2,620,000 after purchasing an additional 9,695 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of Cadence Design Systems by 31.9% during the third quarter. Teacher Retirement System of Texas now owns 49,926 shares of the software maker’s stock worth $1,971,000 after purchasing an additional 12,064 shares during the period. Advisor Group Inc. boosted its holdings in shares of Cadence Design Systems by 151.4% during the third quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock worth $165,000 after purchasing an additional 2,505 shares during the period. Finally, Toronto Dominion Bank boosted its holdings in shares of Cadence Design Systems by 3,002.5% during the third quarter. Toronto Dominion Bank now owns 106,262 shares of the software maker’s stock worth $4,193,000 after purchasing an additional 102,837 shares during the period. Institutional investors and hedge funds own 83.48% of the company’s stock.

A number of analysts have issued reports on the stock. Royal Bank Of Canada reiterated a “buy” rating and issued a $46.00 target price on shares of Cadence Design Systems in a research note on Friday, October 27th. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Wednesday, November 1st. Needham & Company LLC reiterated a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, October 29th. DA Davidson lifted their target price on shares of Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. They noted that the move was a valuation call. Finally, Credit Suisse Group reiterated an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $40.60.

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In other news, VP Aneel Zaman sold 32,255 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $44.32, for a total value of $1,429,541.60. Following the transaction, the vice president now owns 217,497 shares of the company’s stock, valued at $9,639,467.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 750 shares of Cadence Design Systems stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $43.83, for a total transaction of $32,872.50. Following the completion of the transaction, the chief financial officer now directly owns 110,823 shares in the company, valued at approximately $4,857,372.09. The disclosure for this sale can be found here. In the last three months, insiders sold 210,224 shares of company stock worth $8,946,242. Insiders own 2.55% of the company’s stock.

Shares of Cadence Design Systems, Inc. (CDNS) opened at $45.00 on Thursday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.79 and a quick ratio of 1.72. The stock has a market cap of $12,799.38, a P/E ratio of 48.74, a price-to-earnings-growth ratio of 3.57 and a beta of 0.94. Cadence Design Systems, Inc. has a one year low of $24.15 and a one year high of $45.49.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The firm had revenue of $485.40 million during the quarter, compared to analysts’ expectations of $481.10 million. During the same period in the previous year, the company earned $0.30 earnings per share. The company’s revenue was up 8.8% compared to the same quarter last year. equities research analysts predict that Cadence Design Systems, Inc. will post 1.06 EPS for the current fiscal year.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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