KBC Group NV Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

KBC Group NV reduced its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 124,774 shares of the software maker’s stock after selling 3,542 shares during the quarter. KBC Group NV’s holdings in Cadence Design Systems were worth $37,490,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Missouri Trust & Investment Co bought a new position in Cadence Design Systems in the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $28,000. Versant Capital Management Inc grew its stake in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC increased its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the period. Finally, Meeder Asset Management Inc. raised its position in Cadence Design Systems by 30.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after purchasing an additional 47 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $289.87 on Tuesday. The stock’s fifty day moving average price is $306.14 and its 200 day moving average price is $284.89. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company has a market cap of $79.50 billion, a price-to-earnings ratio of 76.08, a PEG ratio of 3.70 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. The firm 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 company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the business posted $1.01 earnings per share. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now directly owns 59,311 shares in the company, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,416 shares of company stock valued at $33,528,267. 1.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Needham & Company LLC dropped their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Robert W. Baird raised their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Mizuho lifted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $329.50.

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.