Monitor next 13F filing for any further unwinding by Swedbank Ab and whether Assenagon's doubling signals sustained conviction. The strong earnings and raised guidance may attract additional institutional buying, but the large sell-off by a major holder warrants attention.
Executive Summary
Institutional activity in CDNS for Q3 2026 shows mixed conviction: three asset managers added $77.0M in new holdings, led by Assenagon Asset Management doubling its position to $155.1M, while two sellers trimmed $301.0M, dominated by Swedbank Ab reducing its stake by $300.0M. The cluster follows Cadence's strong Q3 earnings beat and raised guidance, but the net selling pressure from the largest seller outweighs the buying, and the 45-day reporting lag means positions may have already been adjusted.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$224.0M
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | ADD | +99.7% | $155.1M | $66.8M |
| Wealth Enhancement Advisory Services | ADD | +34.1% | $10.7M | $1.9M |
| Flossbach Von Storch Se | DOUBLED | +1607.2% | $8.8M | $8.2M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Swedbank Ab | TRIM | -28.3% | $812.6M | -$300.0M |
| Concurrent Investment Advisors | TRIM | -30.9% | $2.7M | -$1.0M |
Key Facts
- 3 institutional buyers added $77.0M in net new holdings, with Assenagon Asset Management doubling its position to $155.1M
- 2 institutional sellers trimmed $301.0M, with Swedbank Ab reducing its stake by $300.0M (from $812.6M to $512.6M)
- Net institutional selling of $224.0M across the cluster
- Cluster follows Cadence's Q3 2026 earnings beat (revenue $1.633B, up 22% YoY; non-GAAP EPS $2.11 vs consensus $2.05) and raised full-year guidance
- Insider activity shows no open-market buying and 2 sells totaling $1.1M in the 30 days prior, with a low confluence score of 3/100
- All five institutions are asset managers (active managers), not passive/index funds, giving the cluster moderate signal weight
Financial Impact
Net institutional selling of $224.0M, with buyers adding $77.0M and sellers trimming $301.0M. The largest seller, Swedbank Ab, reduced its position by $300.0M (37% of its prior stake).
Risk Factors
- 13F data is 45+ days stale; the cluster may have already been unwound or reversed
- Swedbank Ab's $300M trim could indicate a thesis change or risk-off move that is not yet fully reflected in the stock
- No insider buying corroborates the institutional buying cluster, weakening the conviction signal
- Hedge funds may strategically misreport 13F holdings; subsequent restatements could alter the picture
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-CDNS-2026-Q3 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | Institutional Cluster | $342.46 | awaiting T+60 | awaiting T+60 | No price |
Oct 26, 2026 3d ago | 8-K | $343.08 | awaiting T+60 | awaiting T+60 | No price |
Sep 17, 2026 6w ago | Insider Cluster | $282.68 | awaiting T+60 | awaiting T+60 | No price |
Sep 17, 2026 6w ago | Insider Cluster | $282.90 | awaiting T+60 | awaiting T+60 | No price |
Aug 27, 2026 9w ago | Insider Cluster | $340.39 | awaiting T+60 | awaiting T+60 | No price |
Aug 25, 2026 9w ago | Insider Cluster | $334.68 | awaiting T+60 | awaiting T+60 | No price |
Aug 17, 2026 10w ago | Court Ruling | $316.52 | awaiting T+60 | awaiting T+60 | No price |
Aug 13, 2026 11w ago | Court Ruling | $324.82 | awaiting T+60 | awaiting T+60 | No price |
Aug 5, 2026 12w ago | Institutional Cluster | $338.42 | awaiting T+60 | awaiting T+60 | No price |
Jul 28, 2026 13w ago | Court Ruling | $332.76 $309.65 | ▼ −6.94% | ▼ −11.67% | No price |
US Market Status
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