Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells $164,216.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total value of $164,216.00. Following the completion of the transaction, the vice president now owns 108,799 shares of the company’s stock, valued at approximately $27,486,979.36. The trade was a 0.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, March 3rd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $252.73, for a total value of $164,274.50.
• On Monday, February 3rd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $232.88 on Friday. 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 firm has a market cap of $63.88 billion, a price-to-earnings ratio of 60.33, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The business has a 50-day simple moving average of $268.08 and a two-hundred day simple moving average of $283.75. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. On average, analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds and other institutional investors have recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems during the fourth quarter valued at $28,000. Ancora Advisors LLC increased its position in shares of Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co bought a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $39,000. Versant Capital Management Inc boosted its holdings in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares during the last quarter. Finally, OFI Invest Asset Management bought a new stake in Cadence Design Systems during the fourth quarter valued at approximately $46,000. 84.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on CDNS shares. Needham & Company LLC reissued a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Bank of America cut their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Loop Capital lowered 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. Finally, Oppenheimer cut their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $324.83.

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.