KBC Group NV Decreases Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

KBC Group NV trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 128,316 shares of the software maker’s stock after selling 8,876 shares during the period. KBC Group NV’s holdings in Cadence Design Systems were worth $34,777,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Park National Corp OH increased its position in shares of Cadence Design Systems by 19.8% in the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after purchasing an additional 22,537 shares during the last quarter. Industrial Alliance Investment Management Inc. increased its holdings in Cadence Design Systems by 83.4% in the first quarter. Industrial Alliance Investment Management Inc. now owns 4,505 shares of the software maker’s stock valued at $1,402,000 after buying an additional 2,048 shares during the last quarter. SG Americas Securities LLC raised its stake in Cadence Design Systems by 88.4% in the second quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock valued at $16,625,000 after buying an additional 25,347 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the last quarter. Finally, Teamwork Financial Advisors LLC boosted its position in shares of Cadence Design Systems by 19.4% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock worth $3,559,000 after acquiring an additional 2,136 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 659 shares of the 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 $181,870.82. Following the completion of the transaction, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. This represents a 3.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the sale, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock worth $4,217,635 in the last three months. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS opened at $303.04 on Friday. The company has a market capitalization of $83.11 billion, a price-to-earnings ratio of 79.54, a price-to-earnings-growth ratio of 3.64 and a beta of 1.02. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The firm has a 50-day simple moving average of $272.61 and a 200-day simple moving average of $282.58. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the firm earned $1.01 EPS. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Needham & Company LLC decreased 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. Finally, Robert W. Baird lifted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. One 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

About Cadence Design Systems

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.