M&T Bank Corp Has $5.21 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

M&T Bank Corp trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 5.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,126 shares of the software maker’s stock after selling 1,033 shares during the quarter. M&T Bank Corp’s holdings in Cadence Design Systems were worth $5,209,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. raised its stake in Cadence Design Systems by 14.0% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 15,386 shares of the software maker’s stock valued at $3,605,000 after purchasing an additional 1,893 shares during the last quarter. Brighton Jones LLC acquired a new position in Cadence Design Systems during the 3rd quarter valued at $206,000. Strs Ohio raised its stake in Cadence Design Systems by 5.1% during the 3rd quarter. Strs Ohio now owns 81,008 shares of the software maker’s stock valued at $18,980,000 after purchasing an additional 3,949 shares during the last quarter. IFM Investors Pty Ltd raised its stake in Cadence Design Systems by 1.6% during the 3rd quarter. IFM Investors Pty Ltd now owns 56,623 shares of the software maker’s stock valued at $13,267,000 after purchasing an additional 898 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Cadence Design Systems by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 349,221 shares of the software maker’s stock valued at $81,822,000 after purchasing an additional 40,889 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the transaction, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 173,066 shares of company stock worth $52,199,975. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $285.19 on Tuesday. The company has a market capitalization of $77.61 billion, a price-to-earnings ratio of 74.27, a P/E/G ratio of 3.32 and a beta of 1.06. The firm’s 50 day simple moving average is $301.65 and its 200 day simple moving average is $282.88. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period last year, the company posted $1.02 EPS. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CDNS. KeyCorp increased their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Piper Sandler lowered their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Finally, Stifel Nicolaus upped their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $326.11.

About Cadence Design Systems

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.