Cadence Design Systems, Inc. $CDNS Shares Acquired by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co boosted its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.5% in the 3rd quarter, HoldingsChannel.com reports. The firm 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.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Cadence Design Systems in the 2nd quarter valued at about $1,190,618,000. Massachusetts Financial Services Co. MA boosted its position in shares of Cadence Design Systems by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock worth $1,866,739,000 after acquiring an additional 731,788 shares during the last quarter. Voya Investment Management LLC grew its holdings in Cadence Design Systems by 914.2% in the third quarter. Voya Investment Management LLC now owns 691,071 shares of the software maker’s stock valued at $242,746,000 after purchasing an additional 622,934 shares during the period. Scge Management L.P. acquired a new position in Cadence Design Systems during the second quarter worth approximately $187,663,000. Finally, Bain Capital Public Equity Management II LLC purchased a new position in Cadence Design Systems during the second quarter worth approximately $130,534,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $288.33 on Friday. The business’s 50-day simple moving average is $312.43 and its 200 day simple moving average is $330.64. The company has a market cap of $78.48 billion, a P/E ratio of 74.31, a PEG ratio of 3.33 and a beta of 1.01. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 27,805 shares of the company’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total value of $8,857,838.85. Following the completion of the transaction, the chief financial officer directly owned 69,957 shares of the company’s stock, valued at $22,286,201.49. This represents a 28.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Paul Scannell sold 5,490 shares of the firm’s stock in a transaction dated 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 owned 20,321 shares of the company’s stock, valued at $6,897,557.03. This represents a 21.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 56,475 shares of company stock valued at $18,505,486. 1.99% of the stock is owned by company insiders.

Analyst Ratings Changes

CDNS has been the subject of several research reports. Citigroup initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 24th. They set a “buy” rating and a $385.00 price objective for the company. Wells Fargo & Company raised their price objective on Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. KeyCorp reaffirmed an “overweight” rating and issued a $405.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Wolfe Research reiterated an “outperform” rating and set a $385.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Cadence Design Systems in a report on Monday, December 29th. Thirteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $379.59.

Cadence Design Systems Profile

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.