Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells $198,146.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now directly owns 59,311 shares of the company’s stock, valued at approximately $18,080,365.24. The trade was a 1.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

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

• On Monday, December 2nd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50.
• On Friday, November 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $301.67 on Wednesday. The firm’s fifty day simple moving average is $303.08 and its two-hundred day simple moving average is $285.59. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $82.74 billion, a P/E ratio of 79.18, a price-to-earnings-growth ratio of 4.19 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CDNS shares. Berenberg Bank began coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Needham & Company LLC cut their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $327.92.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CDNS. Sumitomo Mitsui Trust Group Inc. increased its stake in Cadence Design Systems by 48.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after purchasing an additional 310,250 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new stake in Cadence Design Systems in the 3rd quarter valued at about $24,026,000. Teamwork Financial Advisors LLC raised its stake in Cadence Design Systems by 19.4% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock worth $3,559,000 after buying an additional 2,136 shares during the period. Jennison Associates LLC boosted its holdings in Cadence Design Systems by 2.7% in the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after acquiring an additional 198,230 shares in the last quarter. Finally, Vontobel Holding Ltd. grew its stake in Cadence Design Systems by 5.3% in the third quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock valued at $61,957,000 after acquiring an additional 11,568 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

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.