Vincentelli Albert Sangiovanni Sells 1,500 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now owns 50,183 shares in the company, valued at $15,498,015.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Vincentelli Albert Sangiovanni also recently made the following trade(s):

• On Thursday, March 14th, Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $309.16, for a total value of $463,740.00.
• On Tuesday, February 6th, Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $299.42, for a total value of $449,130.00.
• On Wednesday, January 24th, Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $300.00, for a total value of $1,350,000.00.

Cadence Design Systems Trading Down 2.7 %

Shares of CDNS opened at $285.90 on Friday. Cadence Design Systems, Inc. has a 12-month low of $194.01 and a 12-month high of $327.36. 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 firm has a market capitalization of $77.83 billion, a price-to-earnings ratio of 74.84, a P/E/G ratio of 3.65 and a beta of 1.04. The stock’s 50-day moving average price is $306.16 and its 200 day moving average price is $279.39.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.75 earnings per share. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CDNS shares. Robert W. Baird lifted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Rosenblatt Securities lowered Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $265.00 to $280.00 in a research note on Tuesday, February 13th. Piper Sandler initiated coverage on Cadence Design Systems in a research note on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price objective on the stock. Finally, KeyCorp boosted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $318.10.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors have recently added to or reduced their stakes in the stock. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new stake in Cadence Design Systems during the first quarter valued at approximately $96,000. Consilio Wealth Advisors LLC acquired a new stake in Cadence Design Systems during the first quarter valued at approximately $302,000. Claro Advisors LLC acquired a new stake in Cadence Design Systems during the first quarter valued at approximately $201,000. Miracle Mile Advisors LLC boosted its holdings in shares of Cadence Design Systems by 38.3% in the 1st quarter. Miracle Mile Advisors LLC now owns 4,744 shares of the software maker’s stock worth $1,477,000 after acquiring an additional 1,314 shares in the last quarter. Finally, Kowal Investment Group LLC boosted its holdings in shares of Cadence Design Systems by 33.8% in the 1st quarter. Kowal Investment Group LLC now owns 1,496 shares of the software maker’s stock worth $466,000 after acquiring an additional 378 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

About Cadence Design Systems

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.