37,200 Cadence Design Systems, Inc. $CDNS Shares Acquired by Factory Mutual Insurance Co.

Key Points

• Factory Mutual Insurance increased its Cadence Design Systems stake by 13.8%, buying 37,200 shares in the third quarter and bringing its holdings to 306,671 shares, worth about $101.3 million.
• Institutional investors own 84.85% of Cadence shares; several large investors also increased their positions, including Assenagon Asset Management, which boosted its stake by more than 1,000%.
• Cadence beat quarterly earnings and revenue expectations, with revenue up 22% year over year. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $410.05.

Factory Mutual Insurance Co. grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 306,671 shares of the software maker's stock after acquiring an additional 37,200 shares during the quarter. Cadence Design Systems comprises approximately 0.9% of Factory Mutual Insurance Co.'s portfolio, making the stock its 26th biggest position. Factory Mutual Insurance Co. owned approximately 0.11% of Cadence Design Systems worth $101,258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Van ECK Associates Corp grew its position in Cadence Design Systems by 21.8% during the 2nd quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker's stock valued at $1,835,227,000 after purchasing an additional 874,392 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Cadence Design Systems by 1.5% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker's stock valued at $1,270,704,000 after purchasing an additional 48,937 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Cadence Design Systems by 1,097.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker's stock valued at $930,522,000 after purchasing an additional 2,582,812 shares in the last quarter. Amundi raised its holdings in Cadence Design Systems by 3.8% in the first quarter. Amundi now owns 2,060,334 shares of the software maker's stock worth $572,488,000 after buying an additional 75,492 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in Cadence Design Systems in the second quarter worth about $702,615,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CDNS. Oppenheimer reiterated a "market perform" rating and issued a $300.00 target price (up from $275.00) on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Morgan Stanley reissued an "overweight" rating and set a $400.00 price target (up from $370.00) on shares of Cadence Design Systems in a research report on Wednesday, July 29th. FBN Securities started coverage on shares of Cadence Design Systems in a research report on Friday, September 11th. They set an "outperform" rating and a $375.00 price target for the company. Piper Sandler boosted their price objective on shares of Cadence Design Systems from $325.00 to $349.00 and gave the stock a "neutral" rating in a report on Tuesday, July 28th. Finally, Needham & Company LLC upped their price objective on Cadence Design Systems from $400.00 to $430.00 and gave the company a "buy" rating in a research 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 issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $410.05.

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 quick ratio of 1.18 and a current ratio of 1.36. The firm has a market cap of $88.83 billion, a price-to-earnings ratio of 64.36, a price-to-earnings-growth ratio of 3.12 and a beta of 1.10. The business has a 50-day simple moving average of $320.90 and a two-hundred day simple moving average of $327.36. Cadence Design Systems, Inc. has a fifty-two week low of $262.75 and a fifty-two week high of $416.69.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.06. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the firm posted $1.93 EPS. The business's quarterly revenue was up 22.0% compared to the same quarter last year. On average, analysts expect that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the business's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $350.07, for a total transaction of $437,587.50. Following the completion of the sale, the director directly owned 39,544 shares in the company, valued at approximately $13,843,168.08. The trade was a 3.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $324.13, for a total value of $648,260.00. Following the transaction, the vice president directly owned 119,612 shares in the company, valued at $38,769,837.56. The trade was a 1.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 8,960 shares of company stock worth $2,834,139. Company insiders own 0.49% of the company's stock.

Cadence Design Systems Company 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.

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