Ilmarinen Mutual Pension Insurance Co Grows Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Ilmarinen Mutual Pension Insurance Co lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 4.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 57,500 shares of the software maker’s stock after purchasing an additional 2,500 shares during the quarter. Ilmarinen Mutual Pension Insurance Co’s holdings in Cadence Design Systems were worth $17,276,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of CDNS. Principal Financial Group Inc. boosted its holdings in shares of Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after purchasing an additional 216,075 shares during the period. Pittenger & Anderson Inc. lifted its holdings in Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after buying an additional 1,766 shares during the period. Meridiem Investment Management Ltd. raised its holdings in Cadence Design Systems by 64.3% in the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after purchasing an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after buying an additional 79,268 shares during the period. Finally, Avanza Fonder AB purchased a new stake in shares of Cadence Design Systems in the 4th quarter worth about $6,046,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $232.88 on Friday. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99. The stock has a 50-day moving average of $268.08 and a 200 day moving average of $283.68. 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 $63.88 billion, a price-to-earnings ratio of 60.33, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly 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 net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. On average, sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CDNS. Piper Sandler lifted 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. Needham & Company LLC restated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Oppenheimer dropped their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Finally, Robert W. Baird reduced their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $324.83.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares of the company’s stock, valued at $27,486,979.36. The trade was a 0.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,101 shares of company stock valued at $29,395,309. Company insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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.