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

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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. owned approximately 0.22% of Cadence Design Systems worth $182,540,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in Cadence Design Systems by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after buying an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. lifted its position in shares of Cadence Design Systems by 50.1% in the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after acquiring an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. boosted its stake in shares of Cadence Design Systems by 64.3% in the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after acquiring an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after acquiring an additional 79,268 shares during the last quarter. Finally, Avanza Fonder AB purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $6,046,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ:CDNS 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 fifty day moving average is $275.52 and its two-hundred day moving average is $284.16. The company has a market capitalization of $71.96 billion, a P/E ratio of 68.02, a P/E/G ratio of 3.88 and a beta of 1.05. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Equities analysts expect 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 company’s stock in a transaction 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 directly owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the sale, the vice president now directly owns 59,311 shares of the company’s stock, valued at $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on CDNS shares. Rosenblatt Securities lifted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Oppenheimer lowered their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. Bank of America cut their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $324.83.

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.