Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) Insider Sells 30,000 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) insider Lip Bu Tan sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $194.07, for a total value of $5,822,100.00. Following the completion of the sale, the insider now directly owns 868,040 shares in the company, valued at approximately $168,460,522.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Lip Bu Tan also recently made the following trade(s):

• On Thursday, February 16th, Lip Bu Tan sold 42,500 shares of Cadence Design Systems stock. The stock was sold at an average price of $195.27, for a total value of $8,298,975.00.
• On Tuesday, January 31st, Lip Bu Tan sold 30,000 shares of Cadence Design Systems stock. The stock was sold at an average price of $182.53, for a total value of $5,475,900.00.
• On Tuesday, January 17th, Lip Bu Tan sold 42,500 shares of Cadence Design Systems stock. The stock was sold at an average price of $173.39, for a total value of $7,369,075.00.
• On Wednesday, December 21st, Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock. The stock was sold at an average price of $164.55, for a total value of $6,582,000.00.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $196.50 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.27 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $53.63 billion, a price-to-earnings ratio of 63.59, a PEG ratio of 2.51 and a beta of 1.07. The stock’s fifty day simple moving average is $179.80 and its 200 day simple moving average is $169.85. Cadence Design Systems, Inc. has a 52-week low of $132.32 and a 52-week high of $202.96.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last issued its earnings results on Monday, February 13th. The software maker reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. The business had revenue of $899.88 million for the quarter, compared to analysts’ expectations of $884.23 million. Cadence Design Systems had a return on equity of 33.89% and a net margin of 23.83%. The company’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.67 EPS. As a group, sell-side analysts forecast that Cadence Design Systems, Inc. will post 3.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on Cadence Design Systems from $200.00 to $222.00 and gave the company a “buy” rating in a research note on Wednesday, February 15th. KeyCorp lifted their target price on Cadence Design Systems from $215.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, February 14th. Needham & Company LLC lifted their target price on Cadence Design Systems from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, February 14th. Robert W. Baird lifted their target price on Cadence Design Systems from $206.00 to $215.00 and gave the company an “outperform” rating in a research note on Tuesday, February 14th. Finally, Rosenblatt Securities lifted their target price on Cadence Design Systems from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, February 14th. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $211.55.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds have recently modified their holdings of the stock. LPL Financial LLC grew its holdings in shares of Cadence Design Systems by 8.3% during the second quarter. LPL Financial LLC now owns 99,299 shares of the software maker’s stock valued at $14,898,000 after buying an additional 7,627 shares in the last quarter. Verition Fund Management LLC increased its holdings in shares of Cadence Design Systems by 6,918.8% in the 2nd quarter. Verition Fund Management LLC now owns 38,463 shares of the software maker’s stock valued at $5,771,000 after purchasing an additional 37,915 shares during the period. Gulf International Bank UK Ltd lifted its position in shares of Cadence Design Systems by 0.4% in the third quarter. Gulf International Bank UK Ltd now owns 42,457 shares of the software maker’s stock worth $6,938,000 after purchasing an additional 179 shares in the last quarter. Janiczek Wealth Management LLC boosted its holdings in shares of Cadence Design Systems by 32.0% during the third quarter. Janiczek Wealth Management LLC now owns 1,953 shares of the software maker’s stock worth $302,000 after purchasing an additional 474 shares during the period. Finally, Johnson Financial Group Inc. grew its position in Cadence Design Systems by 3.7% during the second quarter. Johnson Financial Group Inc. now owns 1,780 shares of the software maker’s stock valued at $267,000 after purchasing an additional 64 shares in the last quarter. 84.06% of the stock is currently owned by institutional investors and hedge funds.

About Cadence Design Systems

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Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: United States, Other Americas, China, Other Asia, Europe, Middle East and Africa and Japan.