Cadence Design Systems, Inc. $CDNS Stake Boosted by Factory Mutual Insurance Co.

Factory Mutual Insurance Co. increased its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 306,671 shares of the software maker’s stock after buying an additional 37,200 shares during the quarter. Cadence Design Systems accounts for about 0.9% of Factory Mutual Insurance Co.’s investment portfolio, making the stock its 26th largest position. Factory Mutual Insurance Co.’s holdings in Cadence Design Systems were worth $101,258,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CDNS. Whipplewood Advisors LLC increased its holdings in Cadence Design Systems by 933.3% during the first quarter. Whipplewood Advisors LLC now owns 93 shares of the software maker’s stock valued at $26,000 after buying an additional 84 shares during the last quarter. Avalon Trust Co bought a new position in Cadence Design Systems in the second quarter worth approximately $30,000. Burkett Financial Services LLC purchased a new position in shares of Cadence Design Systems during the 3rd quarter worth $30,000. Fiduciary Financial Advisors purchased a new position in shares of Cadence Design Systems during the 2nd quarter worth $31,000. Finally, Balance Wealth Partners LLC purchased a new position in shares of Cadence Design Systems during the 3rd quarter worth $32,000. 84.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley reissued an “overweight” rating and set a $400.00 price objective (up from $370.00) on shares of Cadence Design Systems in a research report on Wednesday, July 29th. Citigroup raised their target price on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. JPMorgan Chase & Co. lifted their target price on Cadence Design Systems from $405.00 to $420.00 and gave the company an “overweight” rating in a research report on Tuesday, October 27th. The Goldman Sachs Group boosted their price target on Cadence Design Systems from $410.00 to $470.00 and gave the company a “buy” rating in a report on Monday, July 13th. Finally, Needham & Company LLC boosted their price target on Cadence Design Systems from $400.00 to $430.00 and gave the company a “buy” rating in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $410.05.

Insider Activity

In related news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the company’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $350.07, for a total value of $437,587.50. Following the completion of the transaction, the director owned 39,544 shares of the company’s stock, valued at approximately $13,843,168.08. This represents a 3.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita Brennan sold 180 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $285.51, for a total value of $51,391.80. Following the completion of the sale, the director owned 7,824 shares of the company’s stock, valued at $2,233,830.24. The trade was a 2.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 8,960 shares of company stock worth $2,834,139 in the last quarter. Corporate insiders own 0.49% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $323.75 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $416.69. The company has a market capitalization of $88.83 billion, a P/E ratio of 64.36, a P/E/G ratio of 3.12 and a beta of 1.10. The firm’s 50 day simple moving average is $320.90 and its two-hundred day simple moving average is $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The company’s revenue was up 22.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.93 earnings per share. Research analysts expect that Cadence Design Systems, Inc. will post 6.71 EPS for the current fiscal year.

Cadence Design Systems Profile

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.