Ilmarinen Mutual Pension Insurance Co Has $17.28 Million Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ilmarinen Mutual Pension Insurance Co raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 57,500 shares of the software maker’s stock after buying an additional 2,500 shares during the quarter. Ilmarinen Mutual Pension Insurance Co’s holdings in Cadence Design Systems were worth $17,276,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter worth $28,000. Avalon Trust Co bought a new position in shares of Cadence Design Systems during the 4th quarter worth about $39,000. Versant Capital Management Inc grew its stake in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares during the period. Prestige Wealth Management Group LLC raised its stake in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the period. Finally, OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $46,000. 84.85% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CDNS shares. Needham & Company LLC restated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday, February 19th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Robert W. Baird cut their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Finally, Oppenheimer cut their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $324.83.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now owns 58,773 shares of the company’s stock, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,101 shares of company stock worth $29,395,309. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 6.4 %

Cadence Design Systems stock opened at $232.88 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $63.88 billion, a P/E ratio of 60.33, a P/E/G ratio of 3.88 and a beta of 1.05. The firm has a 50 day moving average price of $268.08 and a 200-day moving average price of $283.68. Cadence Design Systems, Inc. has a twelve month low of $230.09 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems 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.