Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells $198,146.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total value of $198,146.00. Following the transaction, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Paul Cunningham also recently made the following trade(s):

• On Monday, December 2nd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $306.19, for a total value of $199,023.50.
• On Friday, November 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $302.73 on Thursday. The company has a market cap of $83.03 billion, a PE ratio of 79.46, a PEG ratio of 4.19 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company’s 50-day moving average is $303.33 and its two-hundred day moving average is $285.71.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the business posted $1.01 earnings per share. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. Equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors have recently made changes to their positions in CDNS. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after purchasing an additional 310,250 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new position in Cadence Design Systems during the third quarter worth about $24,026,000. Teamwork Financial Advisors LLC grew its stake in Cadence Design Systems by 19.4% in the third quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock valued at $3,559,000 after acquiring an additional 2,136 shares during the period. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 2.7% in the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after acquiring an additional 198,230 shares in the last quarter. Finally, Vontobel Holding Ltd. raised its position in shares of Cadence Design Systems by 5.3% during the third quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after purchasing an additional 11,568 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Berenberg Bank began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Needham & Company LLC cut their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $327.92.

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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.