Cadence Design Systems (NASDAQ:CDNS) Stock: Insider Lewis Chew Sells 375 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Lewis Chew sold 375 shares of the company’s stock in a transaction that occurred on Tuesday, November 10th. The stock was sold at an average price of $331.43, for a total transaction of $124,286.25. Following the sale, the director directly owned 8,756 shares of the company’s stock, valued at approximately $2,902,001.08. This trade represents a 4.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded down $10.31 during trading hours on Friday, hitting $323.01. 1,547,128 shares of the stock were exchanged, compared to its average volume of 2,454,347. The company’s fifty day simple moving average is $320.83 and its two-hundred day simple moving average is $327.76. The company has a market cap of $88.63 billion, a PE ratio of 64.22, a price-to-earnings-growth ratio of 3.16 and a beta of 1.10. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.18 and a current ratio of 1.36. Cadence Design Systems, Inc. has a 1-year low of $262.75 and a 1-year high of $416.69.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, beating the consensus estimate of $2.05 by $0.06. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The company’s revenue was up 22.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.93 earnings per share. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Marshall Wace LLP lifted its stake in shares of Cadence Design Systems by 1,311.1% in the 3rd quarter. Marshall Wace LLP now owns 317,500 shares of the software maker’s stock valued at $104,835,000 after acquiring an additional 295,000 shares during the last quarter. Empowered Funds LLC grew its position in Cadence Design Systems by 4.9% during the 3rd quarter. Empowered Funds LLC now owns 32,238 shares of the software maker’s stock worth $10,645,000 after acquiring an additional 1,504 shares during the last quarter. Steward Partners Investment Advisory LLC grew its position in Cadence Design Systems by 12.0% during the 3rd quarter. Steward Partners Investment Advisory LLC now owns 35,867 shares of the software maker’s stock worth $11,843,000 after acquiring an additional 3,836 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in Cadence Design Systems by 7.8% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 254,258 shares of the software maker’s stock worth $83,952,000 after purchasing an additional 18,290 shares in the last quarter. Finally, Insigneo Advisory Services LLC increased its holdings in Cadence Design Systems by 64.8% in the 3rd quarter. Insigneo Advisory Services LLC now owns 994 shares of the software maker’s stock worth $328,000 after purchasing an additional 391 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CDNS shares. Oppenheimer reissued a “market perform” rating and set a $300.00 price target (up from $275.00) on shares of Cadence Design Systems in a report on Tuesday, July 28th. FBN Securities started coverage on Cadence Design Systems in a research note on Friday, September 11th. They issued an “outperform” rating and a $375.00 price objective on the stock. Mizuho set a $400.00 target price on Cadence Design Systems in a research report on Tuesday, October 27th. Rothschild & Co Redburn lifted their target price on Cadence Design Systems from $385.00 to $395.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Benchmark reissued a “buy” rating on shares of Cadence Design Systems in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $410.05.

About Cadence Design Systems

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.