Cadence Design Systems Inc (NASDAQ:CDNS) President Anirudh Devgan sold 20,476 shares of Cadence Design Systems stock in a transaction on Friday, September 21st. The shares were sold at an average price of $45.73, for a total transaction of $936,367.48. Following the completion of the sale, the president now owns 335,170 shares in the company, valued at $15,327,324.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Cadence Design Systems stock opened at $44.95 on Thursday. The stock has a market cap of $12.85 billion, a PE ratio of 40.92, a PEG ratio of 3.84 and a beta of 1.10. Cadence Design Systems Inc has a fifty-two week low of $35.49 and a fifty-two week high of $47.40. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 0.29.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 23rd. The software maker reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.05. The company had revenue of $518.40 million for the quarter, compared to analyst estimates of $514.94 million. Cadence Design Systems had a net margin of 10.62% and a return on equity of 28.38%. Cadence Design Systems’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.34 EPS. research analysts expect that Cadence Design Systems Inc will post 0.99 EPS for the current fiscal year.
Several equities research analysts have issued reports on CDNS shares. BidaskClub upgraded shares of Cadence Design Systems from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 5th. Zacks Investment Research lowered shares of Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 26th. JPMorgan Chase & Co. lifted their price target on shares of Cadence Design Systems from $42.00 to $49.00 and gave the company a “market perform” rating in a research note on Tuesday, July 24th. Needham & Company LLC lifted their price target on shares of Cadence Design Systems from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 24th. Finally, DA Davidson lifted their price target on shares of Cadence Design Systems to $52.00 and gave the company a “buy” rating in a research note on Tuesday, July 24th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $48.43.
Several institutional investors have recently added to or reduced their stakes in CDNS. Fort L.P. acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth about $119,000. Signaturefd LLC increased its stake in shares of Cadence Design Systems by 160.0% during the 2nd quarter. Signaturefd LLC now owns 4,573 shares of the software maker’s stock worth $198,000 after purchasing an additional 2,814 shares during the last quarter. United Capital Financial Advisers LLC acquired a new position in shares of Cadence Design Systems during the 1st quarter worth about $206,000. Point72 Asia Hong Kong Ltd increased its stake in shares of Cadence Design Systems by 32,672.2% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 5,899 shares of the software maker’s stock worth $217,000 after purchasing an additional 5,881 shares during the last quarter. Finally, Conning Inc. acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth about $217,000. Institutional investors own 87.26% of the company’s stock.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.
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