KBC Group NV Has $34.78 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

KBC Group NV decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 128,316 shares of the software maker's stock after selling 8,876 shares during the quarter. KBC Group NV's holdings in Cadence Design Systems were worth $34,777,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker's stock valued at $7,763,496,000 after purchasing an additional 437,101 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock worth $689,472,000 after purchasing an additional 572,251 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Cadence Design Systems by 1.8% in the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker's stock worth $772,187,000 after purchasing an additional 43,654 shares during the last quarter. Principal Financial Group Inc. raised its position in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock valued at $547,886,000 after acquiring an additional 501,833 shares in the last quarter. Finally, Swedbank AB raised its position in Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker's stock valued at $475,336,000 after acquiring an additional 230,672 shares in the last quarter. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

CDNS stock traded down $13.33 on Friday, reaching $289.71. The company's stock had a trading volume of 1,583,218 shares, compared to its average volume of 1,774,879. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a market capitalization of $79.46 billion, a P/E ratio of 77.22, a price-to-earnings-growth ratio of 3.75 and a beta of 1.02. The firm has a fifty day moving average of $273.65 and a two-hundred day moving average of $282.72. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the company posted $1.01 EPS. The firm's quarterly revenue was up 18.8% on a year-over-year basis. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Mizuho began coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 target price for the company. Berenberg Bank initiated coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a "buy" rating and a $320.00 price target on the stock. Oppenheimer initiated coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 target price on the stock. Robert W. Baird raised their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. Finally, Needham & Company LLC reduced their price objective on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $326.00.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the transaction, the director now directly owns 42,051 shares in the company, valued at $11,928,186.66. This represents a 3.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company's stock, valued at approximately $10,278,485.14. This represents a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock worth $4,217,635 over the last quarter. Company insiders own 1.99% of the company's stock.

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.