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

ING Groep NV cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 52.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,729 shares of the software maker’s stock after selling 46,008 shares during the quarter. ING Groep NV’s holdings in Cadence Design Systems were worth $12,538,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems in the fourth quarter valued at about $28,000. Missouri Trust & Investment Co bought a new position in shares of Cadence Design Systems in the third quarter valued at about $27,000. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems in the third quarter valued at about $28,000. Versant Capital Management Inc raised its position in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC increased its position in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the period. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Down 1.3 %

Shares of Cadence Design Systems stock opened at $270.39 on Friday. The company 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 quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The firm’s 50-day moving average price is $302.27 and its two-hundred day moving average price is $287.07.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share 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 30.20%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, analysts forecast that Cadence Design Systems, Inc. will post 5.57 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Anirudh Devgan sold 93,151 shares of the firm’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 value of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock worth $33,538,875. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on CDNS. Piper Sandler raised their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday. Bank of America lowered their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday. Mizuho raised their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities raised their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

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.