ING Groep NV Sells 51,243 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

ING Groep NV lowered its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 42.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 68,398 shares of the software maker's stock after selling 51,243 shares during the period. ING Groep NV's holdings in Cadence Design Systems were worth $18,630,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CDNS. DekaBank Deutsche Girozentrale boosted its holdings in shares of Cadence Design Systems by 34.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker's stock valued at $91,775,000 after purchasing an additional 99,251 shares during the last quarter. USA Financial Formulas boosted its holdings in shares of Cadence Design Systems by 380.7% during the 4th quarter. USA Financial Formulas now owns 8,922 shares of the software maker's stock valued at $2,430,000 after purchasing an additional 7,066 shares during the last quarter. Miracle Mile Advisors LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at about $934,000. Pacer Advisors Inc. boosted its holdings in shares of Cadence Design Systems by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker's stock valued at $11,006,000 after purchasing an additional 3,484 shares during the last quarter. Finally, Patton Fund Management Inc. bought a new position in shares of Cadence Design Systems during the 4th quarter valued at about $5,264,000. Institutional investors own 84.85% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on CDNS shares. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an "outperform" rating in a report on Thursday, April 18th. Stifel Nicolaus upped their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, February 13th. Piper Sandler decreased their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 23rd. Morgan Stanley upgraded shares of Cadence Design Systems from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Finally, Rosenblatt Securities restated a "neutral" rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $326.11.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares of the company's stock, valued at $41,468,674.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Aneel Zaman sold 1,207 shares of the business's stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares of the company's stock, valued at $18,583,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Anirudh Devgan sold 1,454 shares of the business's stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The disclosure for this sale can be found here. Insiders have sold a total of 109,298 shares of company stock valued at $33,247,394 over the last ninety days. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Trading Down 0.0 %

Cadence Design Systems stock traded down $0.12 during midday trading on Friday, reaching $288.81. The stock had a trading volume of 895,919 shares, compared to its average volume of 1,746,309. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The firm has a market cap of $78.60 billion, a price-to-earnings ratio of 75.21, a price-to-earnings-growth ratio of 3.41 and a beta of 1.06. The company has a fifty day moving average of $297.52 and a 200 day moving average of $285.77. Cadence Design Systems, Inc. has a 52-week low of $203.13 and a 52-week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company's revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.02 EPS. On average, analysts anticipate that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

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.

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