Factory Mutual Insurance Co. Raises Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Factory Mutual Insurance Co. grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.2% in the fourth quarter, Holdings Channel reports. The firm owned 176,071 shares of the software maker’s stock after acquiring an additional 28,300 shares during the period. Factory Mutual Insurance Co.’s holdings in Cadence Design Systems were worth $52,902,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. West Bancorporation Inc. bought a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $224,000. Caprock Group LLC raised its holdings in shares of Cadence Design Systems by 2.9% in the fourth quarter. Caprock Group LLC now owns 10,762 shares of the software maker’s stock valued at $3,234,000 after acquiring an additional 301 shares in the last quarter. New Wave Wealth Advisors LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $120,000. Alta Wealth Advisors LLC raised its holdings in shares of Cadence Design Systems by 13.2% in the fourth quarter. Alta Wealth Advisors LLC now owns 1,651 shares of the software maker’s stock valued at $496,000 after acquiring an additional 193 shares in the last quarter. Finally, Mediolanum International Funds Ltd raised its holdings in shares of Cadence Design Systems by 10.5% in the fourth quarter. Mediolanum International Funds Ltd now owns 10,998 shares of the software maker’s stock valued at $3,312,000 after acquiring an additional 1,043 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on CDNS. Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Loop Capital initiated coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $329.50.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of the company’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 value of $1,799,916.80. Following the sale, the chief executive officer now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the sale, the chief financial officer now owns 29,248 shares in the company, valued at approximately $9,038,509.44. This represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,766 shares of company stock worth $33,348,867. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $297.62 on Friday. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The firm has a market capitalization of $81.63 billion, a price-to-earnings ratio of 78.12, a PEG ratio of 3.33 and a beta of 1.04. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock’s 50-day simple moving average is $305.59 and its 200-day simple moving average is $284.74.

Cadence Design Systems Company 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.