Cadence Design Systems, Inc. (NASDAQ:CDNS) Insider Lip Bu Tan Sells 40,000 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) insider Lip Bu Tan sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 21st. The shares were sold at an average price of $148.70, for a total value of $5,948,000.00. Following the sale, the insider now owns 1,197,268 shares of the company’s stock, valued at approximately $178,033,751.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Friday, May 27th, Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock. The shares were sold at an average price of $153.58, for a total value of $7,679,000.00.
• On Friday, May 20th, Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock. The shares were sold at an average price of $143.77, for a total transaction of $5,750,800.00.
• On Tuesday, May 3rd, Lip Bu Tan sold 70,000 shares of Cadence Design Systems stock. The shares were sold at an average price of $152.30, for a total transaction of $10,661,000.00.
• On Thursday, April 21st, Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock. The shares were sold at an average price of $154.80, for a total value of $6,192,000.00.
• On Tuesday, April 19th, Lip Bu Tan sold 45,064 shares of Cadence Design Systems stock. The shares were sold at an average price of $153.22, for a total value of $6,904,706.08.

Shares of NASDAQ CDNS traded up $5.10 during midday trading on Thursday, hitting $151.06. 1,840,844 shares of the company’s stock were exchanged, compared to its average volume of 1,747,490. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.81 and a quick ratio of 1.69. The stock’s 50 day moving average price is $149.08 and its 200-day moving average price is $156.54. The firm has a market cap of $41.66 billion, a P/E ratio of 54.67, a PEG ratio of 2.78 and a beta of 1.13. Cadence Design Systems, Inc. has a twelve month low of $132.32 and a twelve month high of $192.70.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last issued its quarterly earnings data on Monday, April 25th. The software maker reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.12. The business had revenue of $902.00 million during the quarter, compared to the consensus estimate of $859.63 million. Cadence Design Systems had a return on equity of 31.01% and a net margin of 23.59%. The business’s revenue was up 22.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.67 earnings per share. On average, analysts expect that Cadence Design Systems, Inc. will post 3.13 EPS for the current fiscal year.

Several analysts recently weighed in on CDNS shares. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $173.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, February 23rd. KeyCorp boosted their price objective on Cadence Design Systems from $205.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, April 26th. JPMorgan Chase & Co. lowered their price objective on Cadence Design Systems from $185.00 to $175.00 and set a “neutral” rating for the company in a report on Wednesday, February 23rd. Needham & Company LLC upped their target price on Cadence Design Systems from $185.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday, April 26th. Finally, Berenberg Bank raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Wednesday, February 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $186.73.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Offit Capital Advisors LLC lifted its position in Cadence Design Systems by 3.6% in the first quarter. Offit Capital Advisors LLC now owns 3,498 shares of the software maker’s stock worth $575,000 after purchasing an additional 122 shares during the period. J.W. Cole Advisors Inc. acquired a new stake in Cadence Design Systems in the first quarter worth approximately $39,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Cadence Design Systems by 31.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 231,816 shares of the software maker’s stock worth $38,124,000 after purchasing an additional 55,737 shares during the period. Ninety One UK Ltd acquired a new stake in Cadence Design Systems in the first quarter worth approximately $16,840,000. Finally, Neuberger Berman Group LLC lifted its position in Cadence Design Systems by 34.8% in the first quarter. Neuberger Berman Group LLC now owns 985,456 shares of the software maker’s stock worth $162,079,000 after purchasing an additional 254,342 shares during the period. Hedge funds and other institutional investors own 84.07% of the company’s stock.

About Cadence Design Systems (Get Rating)

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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