Cadence Design Systems, Inc. (NASDAQ:CDNS) CFO Sells $7,447,528.80 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) CFO John M. Wall sold 37,260 shares of the company’s stock in a transaction dated Thursday, March 9th. The shares were sold at an average price of $199.88, for a total transaction of $7,447,528.80. Following the transaction, the chief financial officer now owns 120,740 shares in the company, valued at $24,133,511.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $203.52 on Wednesday. The business has a 50 day simple moving average of $185.02 and a 200 day simple moving average of $170.18. Cadence Design Systems, Inc. has a 52-week low of $132.32 and a 52-week high of $203.68. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.17 and a current ratio of 1.27. The stock has a market cap of $55.55 billion, a price-to-earnings ratio of 65.86, a PEG ratio of 2.58 and a beta of 1.07.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last posted 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 during 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%. Cadence Design Systems’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.67 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post 3.98 earnings per share for the current fiscal year.

Analyst Ratings Changes

CDNS has been the topic of a number of analyst reports. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Sunday, January 29th. KeyCorp increased their price target on shares of Cadence Design Systems from $215.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, February 14th. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $205.00 to $215.00 and gave the company an “overweight” rating in a research report on Tuesday, February 14th. Robert W. Baird increased their price target on shares of Cadence Design Systems from $206.00 to $215.00 and gave the company an “outperform” rating in a research report on Tuesday, February 14th. Finally, Bank of America increased their price target on shares of Cadence Design Systems from $205.00 to $225.00 and gave the company a “buy” rating in a research report on Tuesday, February 14th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $211.55.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds have recently made changes to their positions in the business. Rockefeller Capital Management L.P. grew its stake in shares of Cadence Design Systems by 41.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,362 shares of the software maker’s stock worth $700,000 after acquiring an additional 1,287 shares in the last quarter. ST Germain D J Co. Inc. bought a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $32,000. Natixis grew its stake in shares of Cadence Design Systems by 92.5% during the 4th quarter. Natixis now owns 55,508 shares of the software maker’s stock worth $8,917,000 after acquiring an additional 26,669 shares in the last quarter. Macquarie Group Ltd. grew its stake in shares of Cadence Design Systems by 14.4% during the 4th quarter. Macquarie Group Ltd. now owns 713,288 shares of the software maker’s stock worth $114,583,000 after acquiring an additional 89,598 shares in the last quarter. Finally, National Pension Service grew its stake in shares of Cadence Design Systems by 2.2% during the 4th quarter. National Pension Service now owns 576,285 shares of the software maker’s stock worth $92,574,000 after acquiring an additional 12,422 shares in the last quarter. 84.06% of the stock is owned by institutional investors.

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.