ING Groep NV Purchases 11,846 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

ING Groep NV boosted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 15.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 87,737 shares of the software maker’s stock after acquiring an additional 11,846 shares during the quarter. ING Groep NV’s holdings in Cadence Design Systems were worth $23,779,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC bought a new position in Cadence Design Systems in the first quarter valued at $274,000. Avantax Advisory Services Inc. raised its holdings in shares of Cadence Design Systems by 36.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 2,791 shares of the software maker’s stock worth $869,000 after buying an additional 743 shares in the last quarter. Leo Wealth LLC acquired a new stake in shares of Cadence Design Systems during the first quarter valued at about $225,000. Dorsey & Whitney Trust CO LLC grew its holdings in shares of Cadence Design Systems by 22.7% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 1,233 shares of the software maker’s stock worth $384,000 after purchasing an additional 228 shares during the last quarter. Finally, Cumberland Partners Ltd bought a new position in Cadence Design Systems in the 1st quarter valued at approximately $300,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS traded down $2.20 on Thursday, hitting $304.27. 502,947 shares of the company were exchanged, compared to its average volume of 1,770,726. The firm has a market capitalization of $83.45 billion, a P/E ratio of 78.81, a price-to-earnings-growth ratio of 3.64 and a beta of 1.02. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The stock’s 50 day moving average price is $272.61 and its 200 day moving average price is $282.58. 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 posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the company earned $1.01 EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares in the company, valued at approximately $16,866,636. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the transaction, the director now directly owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,847 shares of company stock valued at $4,556,656 over the last quarter. 1.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of recent analyst reports. Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Needham & Company LLC lowered their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Berenberg Bank assumed coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Loop Capital initiated coverage on Cadence Design Systems in a report on Monday. They issued a “buy” rating and a $360.00 target price on the stock. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems 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.