Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells $969,628.38 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Scannell sold 3,171 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now owns 14,318 shares of the company’s stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Cadence Design Systems Trading Down 0.5 %

Shares of CDNS opened at $299.87 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a market capitalization of $82.24 billion, a P/E ratio of 78.71, a P/E/G ratio of 4.19 and a beta of 1.03. The firm’s 50 day simple moving average is $292.42 and its 200 day simple moving average is $286.13.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on CDNS. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Loop Capital began coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Mizuho raised their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Wells Fargo & Company initiated coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. One 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $327.92.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently modified their holdings of the company. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems during the 3rd quarter valued at about $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems during the third quarter valued at approximately $28,000. Prestige Wealth Management Group LLC raised its stake in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares in the last quarter. Chilton Capital Management LLC lifted its holdings in shares of Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after acquiring an additional 122 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in shares of Cadence Design Systems by 30.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after purchasing an additional 47 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.