Cadence Design Systems, Inc. (NASDAQ:CDNS) Director James D. Plummer Sells 868 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS) Director James D. Plummer sold 868 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director now directly owns 23,996 shares of the company’s stock, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $320.55 on Wednesday. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a market capitalization of $87.52 billion, a PE ratio of 83.04, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The stock’s fifty day moving average is $275.36 and its two-hundred day moving average is $287.10. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm’s revenue was up 23.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.17 EPS. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Institutional Trading of Cadence Design Systems

A number of large investors have recently modified their holdings of CDNS. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Cadence Design Systems in the 1st quarter worth $25,000. Costello Asset Management INC bought a new position in Cadence Design Systems during the 1st quarter worth about $25,000. Saudi Central Bank purchased a new position in Cadence Design Systems during the 1st quarter valued at about $27,000. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $28,000. Finally, Valley National Advisers Inc. lifted its position in shares of Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock worth $28,000 after purchasing an additional 99 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on CDNS shares. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Bank of America boosted their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Loop Capital cut their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Finally, Rosenblatt Securities increased their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research note on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $325.23.

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.