Cadence Design Systems, Inc. (NASDAQ:CDNS) CFO John M. Wall Sells 21,700 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNSGet Free Report) CFO John M. Wall sold 21,700 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the sale, the chief financial officer now owns 41,035 shares of the company’s stock, valued at $12,778,299. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $306.36 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The firm has a fifty day moving average price of $303.72 and a 200 day moving average price of $273.50. Cadence Design Systems, Inc. has a fifty-two week low of $194.01 and a fifty-two week high of $327.36. The firm has a market cap of $83.51 billion, a price-to-earnings ratio of 80.20, a P/E/G ratio of 3.79 and a beta of 1.04.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on CDNS shares. KeyCorp boosted their target price on shares of Cadence Design Systems from $325.00 to $335.00 and gave the company an “overweight” rating in a research report on Tuesday, February 13th. Rosenblatt Securities lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and upped their price target for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Robert W. Baird upped their price target on shares of Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 13th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Finally, Wells Fargo & Company upped their price target on shares of Cadence Design Systems from $310.00 to $330.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 6th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $311.33.

Check Out Our Latest Research Report on CDNS

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. Harbour Investments Inc. boosted its position in shares of Cadence Design Systems by 66.1% during the fourth quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock worth $27,000 after acquiring an additional 39 shares during the last quarter. Valley National Advisers Inc. raised its stake in Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in Cadence Design Systems during the fourth quarter valued at $28,000. Quarry LP raised its stake in Cadence Design Systems by 550.0% during the fourth quarter. Quarry LP now owns 104 shares of the software maker’s stock valued at $28,000 after purchasing an additional 88 shares in the last quarter. Finally, VisionPoint Advisory Group LLC purchased a new stake in Cadence Design Systems during the second quarter valued at $27,000. Institutional investors own 84.85% of the company’s stock.

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.

Further Reading

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

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