Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells 1,000 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNSGet Free Report) VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $310,460.00. Following the sale, the vice president now owns 68,144 shares in the company, valued at $21,155,986.24. The sale was disclosed in a filing with the SEC, which is available at this link.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $310.58 on Thursday. The firm has a market cap of $84.55 billion, a price-to-earnings ratio of 81.30, a price-to-earnings-growth ratio of 3.80 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average price of $303.93 and a 200-day moving average price of $274.01. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last announced its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the company earned $0.75 earnings per share. The firm’s revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 4.81 EPS for the current fiscal year.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDNS. Norges Bank purchased a new stake in Cadence Design Systems during the fourth quarter valued at approximately $770,945,000. Alliancebernstein L.P. raised its position in Cadence Design Systems by 620.0% during the fourth quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after purchasing an additional 2,543,966 shares during the period. Moneta Group Investment Advisors LLC purchased a new stake in Cadence Design Systems during the fourth quarter valued at approximately $227,854,000. Nordea Investment Management AB raised its position in Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the period. Finally, Wellington Management Group LLP raised its position in Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Wells Fargo & Company raised their price target on Cadence Design Systems from $310.00 to $330.00 and gave the company an “overweight” rating in a report on Tuesday, February 6th. Morgan Stanley raised 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 research note on Wednesday, February 14th. Rosenblatt Securities cut Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $265.00 to $280.00 in a research note on Tuesday, February 13th. Stifel Nicolaus lifted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Finally, Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, March 6th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $311.33.

Check Out Our Latest Stock Analysis on CDNS

Cadence Design Systems Company Profile

(Get Free Report)

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.

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Insider Buying and Selling by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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