Insider Selling: Cadence Design Systems (NASDAQ:CDNS) VP Sells $813,939.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Scannell sold 2,401 shares of the business’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $339.00, for a total value of $813,939.00. Following the completion of the sale, the vice president directly owned 27,763 shares of the company’s stock, valued at approximately $9,411,657. The trade was a 7.96% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, August 26th, Paul Scannell sold 280 shares of Cadence Design Systems stock. The stock was sold at an average price of $339.00, for a total value of $94,920.00.

Cadence Design Systems Price Performance

Shares of CDNS opened at $333.32 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.18 and a current ratio of 1.36. The firm has a market cap of $91.46 billion, a PE ratio of 66.27, a PEG ratio of 3.12 and a beta of 1.10. The firm’s 50 day moving average price is $320.47 and its 200 day moving average price is $327.74. Cadence Design Systems, Inc. has a twelve month low of $262.75 and a twelve month high of $416.69.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, topping the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the previous year, the firm posted $1.93 earnings per share. The company’s revenue for the quarter was up 22.0% compared to the same quarter last year. As a group, research analysts expect that Cadence Design Systems, Inc. will post 6.71 EPS for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the subject of a number of recent research reports. Piper Sandler upped their price objective on shares of Cadence Design Systems from $325.00 to $349.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Rothschild & Co Redburn raised their target price on Cadence Design Systems from $385.00 to $395.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. JPMorgan Chase & Co. raised their target price on Cadence Design Systems from $405.00 to $420.00 and gave the company an “overweight” rating in a report on Tuesday, October 27th. Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 price target (up from $370.00) on shares of Cadence Design Systems in a research report on Wednesday, July 29th. Finally, Bank of America upped their price target on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $410.05.

Institutional Trading of Cadence Design Systems

Several large investors have recently modified their holdings of CDNS. Libra Wealth LLC lifted its position in Cadence Design Systems by 67.0% during the 3rd quarter. Libra Wealth LLC now owns 2,811 shares of the software maker’s stock worth $928,000 after acquiring an additional 1,128 shares during the last quarter. Gamco Investors INC. ET AL boosted its holdings in Cadence Design Systems by 0.7% during the third quarter. Gamco Investors INC. ET AL now owns 17,444 shares of the software maker’s stock valued at $5,760,000 after acquiring an additional 120 shares during the period. AlphaGrep UK Ltd bought a new stake in Cadence Design Systems during the third quarter valued at about $249,000. Benjamin Edwards Inc. grew its position in shares of Cadence Design Systems by 1.8% in the third quarter. Benjamin Edwards Inc. now owns 25,338 shares of the software maker’s stock valued at $8,366,000 after purchasing an additional 460 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of Cadence Design Systems by 7.7% in the third quarter. First Trust Advisors LP now owns 595,193 shares of the software maker’s stock valued at $196,524,000 after purchasing an additional 42,542 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Key Headlines Impacting Cadence Design Systems

These are some of the CDNS headlines that stood out recently:

• Positive Sentiment: Cadence’s new Edge AI subsystem and OrCAD Xplore launch highlight continued product development and may support demand for its design tools. Edge AI subsystem article OrCAD Xplore article
• Neutral Sentiment: Options-market implied volatility has risen, signaling greater expectations of price movement but not indicating whether traders anticipate gains or losses. Options volatility article
• Negative Sentiment: One commentary warns CDNS could be overvalued despite the AI design-platform news, raising the risk that positive product developments are already reflected in the stock’s valuation. Valuation commentary

Cadence Design Systems Company Profile

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.