ING Groep NV Sells 46,008 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

ING Groep NV trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 52.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,729 shares of the software maker’s stock after selling 46,008 shares during the period. ING Groep NV’s holdings in Cadence Design Systems were worth $12,538,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CDNS. Swedbank AB raised its stake in shares of Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after buying an additional 230,672 shares during the last quarter. Leo Wealth LLC increased its stake in Cadence Design Systems by 6.6% in the third quarter. Leo Wealth LLC now owns 780 shares of the software maker’s stock valued at $211,000 after purchasing an additional 48 shares in the last quarter. Private Advisor Group LLC increased its stake in Cadence Design Systems by 31.2% in the third quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock valued at $2,800,000 after purchasing an additional 2,457 shares in the last quarter. Commerzbank Aktiengesellschaft FI increased its stake in Cadence Design Systems by 37.0% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 2,504 shares of the software maker’s stock valued at $679,000 after purchasing an additional 676 shares in the last quarter. Finally, Greenleaf Trust increased its stake in Cadence Design Systems by 8.0% in the third quarter. Greenleaf Trust now owns 6,012 shares of the software maker’s stock valued at $1,629,000 after purchasing an additional 445 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on CDNS. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Loop Capital lowered their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday. Rosenblatt Securities upped their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have given 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 a consensus price target of $326.92.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $270.39 on Friday. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The firm has a fifty day simple moving average of $302.27 and a 200 day simple moving average of $287.07. The stock has a market capitalization of $74.16 billion, a price-to-earnings ratio of 70.05, a PEG ratio of 3.48 and a beta of 1.03. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 30.20% and a net margin of 22.74%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Research analysts forecast that Cadence Design Systems, Inc. will post 5.57 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the transaction, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is owned by insiders.

Cadence Design Systems Company 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.