Factory Mutual Insurance Co. Boosts Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Factory Mutual Insurance Co. lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 18.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 208,971 shares of the software maker's stock after acquiring an additional 32,900 shares during the quarter. Factory Mutual Insurance Co. owned approximately 0.08% of Cadence Design Systems worth $53,148,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CDNS. Ancora Advisors LLC increased its position in Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares during the last quarter. Avalon Trust Co bought a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $39,000. OFI Invest Asset Management bought a new stake in Cadence Design Systems during the fourth quarter worth $46,000. Synergy Investment Management LLC bought a new stake in Cadence Design Systems during the fourth quarter worth $50,000. Finally, Center for Financial Planning Inc. bought a new stake in Cadence Design Systems during the fourth quarter worth $59,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of the business's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the sale, the vice president now owns 28,442 shares of the company's stock, valued at $8,532,600. The trade was a 14.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ita M. Brennan sold 180 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director now owns 8,010 shares of the company's stock, valued at $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,625 shares of company stock valued at $5,670,453. 0.37% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Bank of America upped their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Oppenheimer decreased their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Piper Sandler upped their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a research report on Tuesday, April 29th. Finally, Loop Capital cut their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded down $7.85 during mid-day trading on Friday, hitting $300.00. 1,188,835 shares of the stock were exchanged, compared to its average volume of 2,023,501. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The company has a 50-day simple moving average of $292.59 and a 200 day simple moving average of $287.24. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a market capitalization of $81.91 billion, a P/E ratio of 77.72, a P/E/G ratio of 3.88 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Cadence Design Systems's revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.17 EPS. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

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.