Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham Sells 1,000 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the sale, the vice president now directly owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, April 1st, Paul Cunningham sold 1,000 shares of Cadence Design Systems stock. The shares were sold at an average price of $310.46, for a total value of $310,460.00.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $281.63 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The stock has a market cap of $76.64 billion, a PE ratio of 73.34, a price-to-earnings-growth ratio of 3.25 and a beta of 1.06. The stock has a fifty day moving average of $302.46 and a 200-day moving average of $281.91.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the firm earned $1.02 EPS. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Analyst Upgrades and Downgrades

CDNS has been the subject of several research reports. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Stifel Nicolaus increased their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Wells Fargo & Company increased their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Finally, Piper Sandler lowered their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale lifted its position in Cadence Design Systems by 34.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after purchasing an additional 99,251 shares during the last quarter. Miracle Mile Advisors LLC bought a new position in Cadence Design Systems in the fourth quarter valued at $934,000. Pacer Advisors Inc. raised its position in Cadence Design Systems by 9.4% during the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock valued at $11,006,000 after purchasing an additional 3,484 shares in the last quarter. Patton Fund Management Inc. bought a new stake in Cadence Design Systems during the fourth quarter worth about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of Cadence Design Systems in the 4th quarter worth about $55,443,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.