Varma Mutual Pension Insurance Co Increases Position in Cadence Design Systems, Inc. $CDNS

Varma Mutual Pension Insurance Co increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 48,249 shares of the software maker’s stock after buying an additional 3,800 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Cadence Design Systems were worth $16,948,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Strategic Wealth Investment Group LLC acquired a new position in shares of Cadence Design Systems in the second quarter valued at approximately $32,000. Promus Capital LLC acquired a new position in Cadence Design Systems in the 2nd quarter valued at $33,000. Robbins Farley purchased a new position in Cadence Design Systems during the 3rd quarter worth $35,000. Cloud Capital Management LLC acquired a new stake in shares of Cadence Design Systems in the 3rd quarter worth $35,000. Finally, Heartwood Wealth Advisors LLC acquired a new stake in shares of Cadence Design Systems in the 3rd quarter worth $39,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 3.8%

CDNS stock opened at $288.33 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. The company’s 50 day simple moving average is $312.43 and its 200-day simple moving average is $330.64. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45. The firm has a market capitalization of $78.48 billion, a PE ratio of 74.31, a P/E/G ratio of 3.33 and a beta of 1.01.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wolfe Research reissued an “outperform” rating and set a $385.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 28th. Needham & Company LLC reissued a “buy” rating and set a $390.00 target price on shares of Cadence Design Systems in a research note on Monday, December 22nd. JPMorgan Chase & Co. upped their price objective on Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Oppenheimer raised Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 target price for the company in a report on Monday, December 1st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cadence Design Systems in a research note on Monday, December 29th. Thirteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $379.59.

Insider Activity at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 20,000 shares of the business’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $340.00, for a total value of $6,800,000.00. Following the completion of the transaction, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at $66,586,960. The trade was a 9.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Paul Scannell sold 5,490 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total value of $1,863,470.70. Following the sale, the vice president directly owned 20,321 shares in the company, valued at approximately $6,897,557.03. The trade was a 21.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 56,475 shares of company stock valued at $18,505,486 in the last ninety days. 1.99% of the stock is owned by insiders.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.