Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells $177,736.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total value of $177,736.00. Following the completion of the sale, the vice president now owns 61,761 shares in the company, valued at approximately $16,887,927.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Paul Cunningham also recently made the following trade(s):

• On Tuesday, September 3rd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $266.89, for a total value of $173,478.50.
• On Thursday, August 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00.

Cadence Design Systems Stock Up 1.1 %

Shares of NASDAQ:CDNS opened at $268.65 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The firm has a market cap of $73.19 billion, a price-to-earnings ratio of 69.96, a PEG ratio of 3.30 and a beta of 1.02. The stock’s 50-day moving average price is $267.08 and its two-hundred day moving average price is $287.73. Cadence Design Systems, Inc. has a 12-month low of $228.66 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the company earned $0.94 earnings per share. The company’s quarterly revenue was up 8.6% on a year-over-year basis. On average, research analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on CDNS. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Robert W. Baird reduced their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research report on Tuesday, August 6th. KeyCorp upped their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Finally, Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $323.60.

Institutional Trading of Cadence Design Systems

Several institutional investors have recently made changes to their positions in CDNS. Vanguard Group Inc. boosted its holdings in Cadence Design Systems by 1.8% in 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 acquiring an additional 437,101 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Cadence Design Systems by 1.8% during the 2nd 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 period. Van ECK Associates Corp increased its position in Cadence Design Systems by 10.5% during the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after purchasing an additional 209,301 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in Cadence Design Systems by 7.7% in the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after buying an additional 145,351 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.