Cadence Design Systems, Inc. $CDNS Shares Sold by ING Groep NV

ING Groep NV decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 96.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,505 shares of the software maker’s stock after selling 46,934 shares during the quarter. ING Groep NV’s holdings in Cadence Design Systems were worth $529,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strategic Wealth Investment Group LLC purchased a new position in shares of Cadence Design Systems during the second quarter worth approximately $32,000. Promus Capital LLC acquired a new stake in Cadence Design Systems during the 2nd quarter worth $33,000. Robbins Farley acquired a new stake in Cadence Design Systems during the 3rd quarter worth $35,000. Cloud Capital Management LLC purchased a new position in Cadence Design Systems during the 3rd quarter worth $35,000. Finally, Heartwood Wealth Advisors LLC acquired a new position in Cadence Design Systems in the third quarter valued at $39,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $299.46 on Friday. The stock has a market capitalization of $81.51 billion, a price-to-earnings ratio of 77.18, a PEG ratio of 3.33 and a beta of 1.01. The business’s 50 day moving average is $311.67 and its two-hundred day moving average is $330.15. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $376.45. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 5,490 shares of the stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total value of $1,863,470.70. Following the completion of the transaction, the vice president owned 20,321 shares in the company, valued at approximately $6,897,557.03. This represents a 21.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $337.48, for a total value of $60,746.40. Following the completion of the sale, the director directly owned 7,650 shares of the company’s stock, valued at approximately $2,581,722. This trade represents a 2.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 56,475 shares of company stock valued at $18,505,486 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CDNS. Weiss Ratings reiterated a “hold (c)” rating on shares of Cadence Design Systems in a research note on Monday, December 29th. Rosenblatt Securities increased their price objective on Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Wolfe Research reiterated an “outperform” rating and issued a $385.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Needham & Company LLC reissued a “buy” rating and issued a $390.00 target price on shares of Cadence Design Systems in a report on Monday, December 22nd. Finally, JPMorgan Chase & Co. increased their price target on Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $379.59.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.