Here Is What Hedge Funds Think About Cadence Design Systems Inc (CDNS)

Because Cadence Design Systems Inc (NASDAQ:CDNS) has witnessed a declination in interest from hedge fund managers, we can see that there is a sect of hedge funds that decided to sell off their positions entirely heading into Q4. At the top of the heap, Christopher Lord’s Criterion Capital cut the biggest investment of all the hedgies watched by Insider Monkey, worth an estimated $76.1 million in stock. David Gallo’s fund, Valinor Management LLC, also said goodbye to its stock, about $37.4 million worth. These transactions are interesting, as aggregate hedge fund interest fell by 3 funds heading into Q4.

Let’s go over hedge fund activity in other stocks similar to Cadence Design Systems Inc (NASDAQ:CDNS). These stocks are The Middleby Corporation (NASDAQ:MIDD), UGI Corp (NYSE:UGI), Reinsurance Group of America Inc (NYSE:RGA), and Qiagen NV (NASDAQ:QGEN). This group of stocks’ market valuations are similar to CDNS’s market valuation.

As you can see these stocks had an average of 16.5 hedge funds with bullish positions and the average amount invested in these stocks was $331 million. That figure was $1484 million in CDNS’s case. The Middleby Corporation (NASDAQ:MIDD) is the most popular stock in this table. On the other hand Qiagen NV (NASDAQ:QGEN) is the least popular one with only 14 bullish hedge fund positions. Compared to these stocks Cadence Design Systems Inc (NASDAQ:CDNS) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.