Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells 650 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

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 value of $199,023.50.
• On Friday, November 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $276.00, for a total value of $179,400.00.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $302.73 on Thursday. 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 company has a market capitalization of $83.03 billion, a P/E ratio of 79.46, a P/E/G ratio of 4.19 and a beta of 1.04. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The stock has a 50 day moving average of $303.33 and a 200-day moving average of $285.71.

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CDNS shares. Robert W. Baird upped their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price for the company. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Loop Capital initiated coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. Finally, Needham & Company LLC dropped their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $327.92.

Hedge Funds Weigh In On Cadence Design Systems

A number of large investors have recently made changes to their positions in CDNS. Capital Market Strategies LLC boosted its position in shares of Cadence Design Systems by 15.7% in the fourth quarter. Capital Market Strategies LLC now owns 1,545 shares of the software maker’s stock valued at $464,000 after acquiring an additional 210 shares during the period. Pensionfund Sabic raised its position in shares of Cadence Design Systems by 22.2% in the fourth quarter. Pensionfund Sabic now owns 5,500 shares of the software maker’s stock valued at $1,653,000 after buying an additional 1,000 shares in the last quarter. Nordea Investment Management AB grew its position in Cadence Design Systems by 6.5% during the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock worth $885,356,000 after buying an additional 178,212 shares in the last quarter. Central Pacific Bank Trust Division increased its stake in Cadence Design Systems by 7.5% during the 4th quarter. Central Pacific Bank Trust Division now owns 4,472 shares of the software maker’s stock worth $1,344,000 after acquiring an additional 312 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Cadence Design Systems by 25.4% in the 4th quarter. GAMMA Investing LLC now owns 3,911 shares of the software maker’s stock valued at $1,175,000 after acquiring an additional 792 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

About Cadence Design Systems

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.