Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells 650 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $285.97, for a total value of $185,880.50. Following the completion of the transaction, the vice president now owns 107,499 shares of the company’s stock, valued at $30,741,489.03. The trade was a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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

• On Thursday, May 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $303.00, for a total value of $196,950.00.
• On Tuesday, April 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $252.64, for a total value of $164,216.00.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $294.40 on Thursday. The stock’s fifty day moving average is $284.78 and its 200-day moving average is $287.52. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a market capitalization of $80.38 billion, a PE ratio of 76.27, a PEG ratio of 3.88 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its 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 analysts’ expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.17 earnings per share. Equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on CDNS. Bank of America increased their price objective on 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 dropped their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Rosenblatt Securities increased their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 29th. Robert W. Baird increased their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $325.23.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds have recently added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new position in Cadence Design Systems in the fourth quarter valued at about $28,000. Smallwood Wealth Investment Management LLC bought a new position in Cadence Design Systems in the first quarter valued at about $25,000. Costello Asset Management INC bought a new position in Cadence Design Systems in the first quarter valued at about $25,000. Saudi Central Bank bought a new position in Cadence Design Systems in the first quarter valued at about $27,000. Finally, Valley National Advisers Inc. boosted its holdings in Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock valued at $28,000 after acquiring an additional 99 shares during the last quarter. Institutional investors own 84.85% 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.