Cadence Design Systems Inc (NASDAQ:CDNS) Director Sells $3,659,500.00 in Stock

Cadence Design Systems Inc (NASDAQ:CDNS) Director John B. Shoven sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, January 9th. The shares were sold at an average price of $73.19, for a total value of $3,659,500.00. Following the completion of the transaction, the director now directly owns 205,781 shares of the company’s stock, valued at approximately $15,061,111.39. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Shares of CDNS traded down $0.33 during mid-day trading on Friday, reaching $73.03. The company had a trading volume of 943,642 shares, compared to its average volume of 1,452,139. Cadence Design Systems Inc has a twelve month low of $43.80 and a twelve month high of $77.08. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.59. The company’s 50-day moving average is $69.13 and its 200-day moving average is $68.97. The company has a market capitalization of $20.28 billion, a P/E ratio of 59.37, a P/E/G ratio of 4.29 and a beta of 1.15.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 21st. The software maker reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.03. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. The business had revenue of $579.60 million during the quarter, compared to analysts’ expectations of $576.33 million. During the same period in the prior year, the firm posted $0.49 EPS. Cadence Design Systems’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, equities analysts expect that Cadence Design Systems Inc will post 1.51 EPS for the current fiscal year.

Several research firms have commented on CDNS. Wells Fargo & Co raised Cadence Design Systems from a “market perform” rating to an “outperform” rating and set a $80.00 price target for the company in a report on Friday, October 11th. BidaskClub raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Friday. Bank of America began coverage on Cadence Design Systems in a report on Monday, September 23rd. They issued a “neutral” rating and a $73.00 price target for the company. Credit Suisse Group reaffirmed a “neutral” rating and issued a $75.00 price target (up previously from $70.00) on shares of Cadence Design Systems in a report on Tuesday, October 22nd. Finally, Zacks Investment Research cut Cadence Design Systems from a “buy” rating to a “hold” rating and set a $74.00 price target for the company. in a report on Tuesday, December 24th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $75.75.

Several institutional investors and hedge funds have recently modified their holdings of CDNS. BlackRock Inc. raised its holdings in shares of Cadence Design Systems by 11.0% in the 2nd quarter. BlackRock Inc. now owns 22,809,519 shares of the software maker’s stock worth $1,615,142,000 after buying an additional 2,264,949 shares in the last quarter. AQR Capital Management LLC grew its position in Cadence Design Systems by 49.3% during the 2nd quarter. AQR Capital Management LLC now owns 6,280,165 shares of the software maker’s stock worth $440,805,000 after acquiring an additional 2,072,953 shares during the last quarter. Nuveen Asset Management LLC grew its position in Cadence Design Systems by 401.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,795,416 shares of the software maker’s stock worth $127,133,000 after acquiring an additional 1,437,212 shares during the last quarter. Millennium Management LLC grew its position in Cadence Design Systems by 363.1% during the 3rd quarter. Millennium Management LLC now owns 892,964 shares of the software maker’s stock worth $59,007,000 after acquiring an additional 700,149 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Cadence Design Systems by 75.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,494,456 shares of the software maker’s stock worth $105,822,000 after acquiring an additional 642,566 shares during the last quarter. 85.74% of the stock is owned by institutional investors and hedge funds.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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