ING Groep NV Trims Stock Holdings in Cadence Design Systems, Inc. $CDNS

ING Groep NV lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 96.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Cadence Design Systems by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 26,595,861 shares of the software maker’s stock worth $8,195,515,000 after acquiring an additional 256,719 shares during the last quarter. State Street Corp lifted its stake in Cadence Design Systems by 1.4% during the second quarter. State Street Corp now owns 12,318,585 shares of the software maker’s stock worth $3,795,972,000 after purchasing an additional 172,551 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 3.0% during the second quarter. Jennison Associates LLC now owns 9,338,102 shares of the software maker’s stock worth $2,877,536,000 after buying an additional 273,149 shares during the period. Geode Capital Management LLC grew its stake in shares of Cadence Design Systems by 1.2% in the second quarter. Geode Capital Management LLC now owns 6,363,734 shares of the software maker’s stock valued at $1,952,771,000 after buying an additional 77,478 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Cadence Design Systems by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock valued at $1,866,739,000 after buying an additional 731,788 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 3.9%

Shares of Cadence Design Systems stock opened at $299.46 on Friday. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The company has a market capitalization of $81.51 billion, a P/E ratio of 77.18, a P/E/G ratio of 3.33 and a beta of 1.01. The company has a 50 day moving average of $311.67 and a 200 day moving average of $330.15.

Insider Transactions at Cadence Design Systems

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

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research reports. Robert W. Baird increased their target price on Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Cadence Design Systems in a research note on Monday, December 29th. KeyCorp restated an “overweight” rating and issued a $405.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. Citigroup began coverage on shares of Cadence Design Systems in a report on Monday, November 24th. They set a “buy” rating and a $385.00 target price on the stock. Finally, Oppenheimer upgraded shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target for the company in a research note on Monday, December 1st. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus 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.