Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells $173,478.50 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the sale, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

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

• On Thursday, August 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $266.24, for a total value of $173,056.00.
• On Tuesday, June 11th, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $295.00, for a total value of $191,750.00.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $250.85 on Friday. The firm has a 50 day simple moving average of $280.32 and a 200-day simple moving average of $293.20. The stock has a market cap of $68.34 billion, a price-to-earnings ratio of 65.33, a price-to-earnings-growth ratio of 3.24 and a beta of 1.03. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a 1-year low of $227.05 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.94 earnings per share. On average, analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Institutional Trading of Cadence Design Systems

A number of hedge funds and other institutional investors have recently modified their holdings of CDNS. Empowered Funds LLC increased its position in shares of Cadence Design Systems by 223.8% during the first quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after acquiring an additional 6,346 shares during the last quarter. Norden Group LLC increased its holdings in Cadence Design Systems by 1,659.3% in the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after purchasing an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. increased its holdings in Cadence Design Systems by 37.5% in the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after purchasing an additional 5,269 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in Cadence Design Systems by 3.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after purchasing an additional 3,899 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on CDNS. Bank of America raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, KeyCorp upped their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $334.56.

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.